Merey 16 is Venezuela’s benchmark crude, a heavy and sour oil that accounts for most exports by state-owned Petróleos de Venezuela S.A. (PDVSA). Why it matters and what it changes for other benchmark crudes.
Leading international analysts agree on a common assessment: the short-term impact will be limited, the recovery will take years, and it will depend on institutional, legal and geopolitical factors rather than a simple lifting of sanctions.
It has heavy crude refining capacity of about 749,000 barrels per day across three complexes. Its future will depend on political stability in Venezuela. Amber Energy is awaiting the completion of the sale. Three scenarios lie ahead.
Contrary to narratives that forecast the end of the hydrocarbons era in the medium term, market realities show that crude oil not only remains relevant, but that its importance continues to be strategic to the energy security of major powers.
Analysts warn that a violent disruption could temporarily reduce supply, affecting heavy crude prices and benchmarks such as Dubai versus Brent, as the global market would rely more heavily on substitutes from Canada or the U.S. Gulf of Mexico
