Four tankers carrying over 2 million barrels of crude oil were refused discharge in Venezuela due to a shortage of funds in state-controlled PDVSA. Thomson Reuters vessel tracking data indicates that four oil tankers, carrying over 2 million barrels of crude oil are stuck at the Caribbean unable to discharge at a Venezuela terminal. Venezuela’s state controlled PDVSA has not yet paid the supplier, BP Plc, the British supermajor producer. The cargo comes in as part of a deal in which PDVSA arranged with BP and China Oil for them to import around 8 million barrels of oil into the country. The oil coming in is of the WTI (West Texas Intermediate) variety, and it was intended to be used to dilute Venezuela’s extra heavy crude so that it could be processed in their Caribbean refineries. Cash-strapped PDVSA intended to pay for the exchange in Venezuelan oil, but BP refused as the loading dates and the quality of the crude did not work for them. This is not the first time this happens, since 2015 PDVSA has refused to pay suppliers due to low crude prices and a devastating recession at home. Conditions caused firms such as Schlumberger, Halliburton and… Read full this story
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