• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 9 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 16 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 hours Venezuela set to raise gasoline prices to international levels.
  • 14 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Starvation, horror in Venezuela
  • 5 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 1 hour Are Trump's steel tariffs working? Seems they are!
  • 24 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 16 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 8 hours Corporations Are Buying More Renewables Than Ever
Why Saudi Arabia Cut July Oil Production

Why Saudi Arabia Cut July Oil Production

Saudi Arabia’s oil production in…

Global Energy Advisory – 17th August 2018

Global Energy Advisory – 17th August 2018

The Permian is still undoubtedly…

BP Oil Cargoes in Limbo at Terminal as Venezuela Can’t Pay its Bills

Curacao oil tanker

As Venezuela drowns in debt and takes its state-run oil company, PDVSA, down with it, Reuters is reporting that BP has over 2 million barrels of oil stuck at a terminal in the Caribbean over unpaid bills.

The cargo of 2 million barrels of U.S. light sweet crude sold by BP cannot be discharged at the PDVSA terminal in Curacao until it’s paid for, according to the news agency, which is relying on unnamed sources and Thomson Reuters vessel tracking data.

China Oil and BP reportedly have a tender from PDVSA for the shipment of 8 million barrels of WTI crude for the second quarter of 2016.

Related: Flower Power Takes On A New Meaning With Pollen Batteries

PDVSA is struggling to pay its bill as the Venezuelan economy crumbles and unrest becomes riotous. Last week, reports emerged that PDVSA was offering service providers a debt-swap deal in exchange for payments.

A subsidiary of PDVSA has reportedly offered service contractors a deal in which US$2.5 billion in debt would be swapped for dollar bonds, according to the Wall Street Journal.

Venezuela is running out of most basic consumer items as the crisis worsens.

Related: Gas Prices To Remain Low This Summer

According to the New York Times, power shortages are now so severe that government offices are open only two days a week.

The country’s oil revenues could fall by 40 percent this year, according to NYT, and imports have been slashed to avoid default.

Over the weekend, two major international airlines Lufthansa and LATAM moved to suspend service to the country in the coming months.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News