Venezuela launches Blend 22 crude exports ahead of US licenses expiry

Since the announcement, PDVSA has been doing preparations to reorganize oil production, upgrading, blending and exports, especially at projects operated by the joint ventures hit by the license cancellations.

One of the measures is the production and sale of "Blend 22," a new crude grade coming from PDVSA's Western fields.

PDVSA has in recent months increased output and storage of Blend 22 aiming to lure customers in Europe and Asia that have an appetite for medium sour grades to refine. The Venezuelan company is actively marketing the crude so once the licenses expire, it can send it to other destinations, including China, sources said.