Effective October 2025, Kpler revised estimates of Venezuelan naphtha demand since the Oil Supply & Demand publication.
Given the significant use of naphtha as a crude diluent in Venezuela, and the value of explicitly tracking this flow within product balances, we have chosen to reflect these volumes as naphtha demand on the Oil Supply & Demand platform. Venezuela’s diluent requirements are closely linked to geopolitical developments and, critically, have a measurable impact on USGC heavy naphtha cracks, making transparent visibility essential. This treatment does not contradict crude oil supply and balance accounting, nor does it result in double counting in this specific case. We recognize that this approach departs from the standard methodology typically applied to naphtha demand.
For completeness, we also maintain an alternative view of Venezuelan naphtha demand that excludes volumes used as crude diluent. Should this breakdown be required, please let us know and we can provide it accordingly.