Venezuelan oil stuck at ports, PDVSA struggles to import fuel | Reuters
▻https://www.reuters.com/article/us-venezuela-politics-pdvsa-fuel-idUSKCN1PO2LA
Venezuela’s oil inventories have started to build up at the country’s ports and terminals as PDVSA is finding it cannot export crude at its usual rate due to U.S. sanctions imposed earlier this week, according to sources and shipping data.
Sanctions announced on Monday by the administration of U.S. President Donald Trump, aimed at driving President Nicolas Maduro out of power after his contested re-election last year, have barred PDVSA’s U.S. customers from transferring payments to the firm. That is effectively limiting state-owned PDVSA from shipping that oil because Maduro’s government cannot collect the proceeds.
As of Wednesday, Venezuela had 25 tankers with nearly 18 million barrels of crude - representing about two weeks of the country’s production - either waiting to load or expecting authorization to set sail. Most of those were anchored near the port of Jose, the country’s largest, according to Refinitiv Eikon data.
PDVSA responded to the U.S. sanctions by prohibiting tankers loading oil bound for the United States to leave Venezuelan ports if cargoes are not prepaid.
In addition, PDVSA’s inability to pay for crucial imports means fuel imports are delayed, adding to the glut of tankers off Venezuela’s coast.
