The turmoil in Venezuela has been the focus of international headlines since the start of the year, when U.S. forces removed President Nicolás Maduro from power. One of the biggest questions centers on the fate of the country’s now-moribund oil sector, which has suffered from decades of neglect. It’s widely understood that a recovery will take a decade or more and require tens or even hundreds of billions of dollars for crude oil production to return to its heyday in the 1990s, but there are some concrete steps that could boost production in the short, medium and long term. In today’s RBN blog, we’ll discuss those steps and preview our newest Drill Down Report on the situation in Venezuela.
The Future of Fuels bi-annual report by RBN's Refined Fuels Analytics provides an in-depth analysis of the U.S. and global refinery industries, focusing on crude oil and fuel market dynamics, supply and demand, alternative fuels, refinery capacities, and price forecasts to help stakeholders navigate the evolving energy landscape.
As we’ve discussed in previous blogs, the unfolding situation is fluid, chaotic and will take years to resolve. Venezuela, once a cornerstone supplier of heavy sour crude to U.S. Gulf Coast refineries, has seen its oil industry unravel after decades of decline. Production plunged from about 3.5 MMb/d in the late 1990s to less than 1 MMb/d today. After years of state control under Maduro and his predecessor, Hugo Chávez, chronic underinvestment has gutted production capacity and the capabilities of the country’s refineries.
January marked a massive shift in Venezuelan crude flows to the U.S. Following the easing of sanctions and a series of political developments, the U.S. imported about 8.6 MMbbl of Venezuelan crude (bar to far right in Figure 1 below), based on EIA estimates and RBN vessel-tracking data. This is a sharp 80% increase from December’s imports of roughly 4.9 MMbbl and the highest level in a year.
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About the song
“Round and Round” was written by Brad Arnold, Matt Roberts, Chris Henderson and Todd Harrell. It appears as the third song on 3 Doors Down’s fifth studio album, Time of My Life. The mid-tempo rocker is about the yin and yang of getting through the daily struggles of life to arrive at a better place. Personnel on the record were: Brad Arnold (lead vocals), Matt Roberts (lead guitar, backing vocals), Chris Henderson (rhythm guitar, backing vocals), Todd Harrell (bass), Greg Upchurch (drums), Howard Benson (keyboards, programming) and Michito Sanchez (percussion).
Time of My Life was recorded between July and October 2010 at Bay 7 Studios in Valley Village, CA; Capitol Studios in Hollywood, CA; Sparky Dark Studio in Calabasas, CA; and Rivergate Studios in Hendersonville, TN. Produced by Howard Benson and mixed by Chris Lord-Alge, the album was released in July 2011. It went to #1 on the Billboard Top Rock, Top Hard Rock and Top Alternative charts and #3 on the Billboard 200 Albums chart. Six singles were released from the LP.
3 Doors Down is an American rock band formed in Escatawpa, MS, in 1996 by high school friends Brad Arnold, Matt Roberts and Todd Harrell. They released their debut studio album, The Better Life, along with the Top 10 hit single, “Kryptonite,” in February 2000. They have released six studio albums, a compilation album, five EPs, and 29 singles. They have won an American Music Award, six BMI Pop Awards and two Billboard Music Awards. Nine members have passed through the band since its formation. The band has gone through some serious tragedies, including founding member and bassist Todd Harrell, who was sentenced to two years in prison in April 2013 for vehicular homicide after killing another driver while under the influence of controlled substances. Founding member and lead guitarist Matt Roberts died of a drug overdose in Milwaukee in August 2016 at 38. We at RBN are saddened to learn that Brad Arnold, founding member and lead vocalist, passed away at age 47 in February in Nashville after a long battle with cancer. Condolences to his family, friends and loved ones. The future of the band is unknown at this time.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
