An Iranian condensate shipment has arrived in Venezuela in defiance of US oil sanctions targeting both Opec producers. Up to 2mn bl of Iranian condensate that arrived at Venezuela state-owned PdV's Jose terminal on 13 September will be used as diluent with Orinoco extra-heavy crudes to produce exportable 16° API Merey for export, according to union and company officials. PdV joint ventures expected to receive some of the Iranian condensate include PetroSinovensa, PetroMonagas, PetroPiar and PetroIndependencia. PdV will also use some of the imported condensate as diluent in its Morichal operations in the oil belt's ... (full story)