• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 1 hour Oil prices going down
  • 17 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 18 hours Another WTH? Example of Cheap Renewables
  • 5 hours What If Canada Had Wind and Not Oilsands?
  • 1 hour After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 37 mins Two Koreas Agree To March Together At Asian Games
  • 1 hour Sell out now or hold on?
  • 17 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 2 days When will oil demand start declining due to EVs?
  • 10 hours No LNG Pipelines? Let the Trucks Roll In
  • 1 hour Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 16 hours The Permian Mystery
  • 5 hours Australia mulls LNG import
  • 10 hours China & India in talks to form anti-OPEC
  • 2 days Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 1 day Gazprom Exports to EU Hit Record
Europe Is Awash With Oil Stored On Ships

Europe Is Awash With Oil Stored On Ships

Bullish sentiment in markets makes…

Tesla’s Newest Car Will Have Rocket Thrusters

Tesla’s Newest Car Will Have Rocket Thrusters

Tesla CEO Elon Musk tweeted…

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:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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