• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 3 hours Sources confirm Trump to sign two new Executive orders.
  • 56 mins CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 9 hours Why Wind is pitiful for most regions on earth
  • 2 hours In a Nutshell...
  • 20 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 7 hours A Real Reality Check on "Green Hydrogen"
  • 11 hours Why Oil could hit $100
  • 4 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 days Joe Biden to black radio host, "If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 2 hours Putin Paid Militants to Kill US Troops
  • 2 days Coronavirus hype biggest political hoax in history
Oil Rig Count Collapse Beginning To Slow

Oil Rig Count Collapse Beginning To Slow

Baker Hughes reported on Thursday…

Will Argentina's Oil Industry Survive This Crisis?

Will Argentina's Oil Industry Survive This Crisis?

Argentina’s oil industry is dealing…

Owner Of Largest Refinery In India Stops Importing Venezuelan Oil

Reliance Industries, the owner of the largest refinery in India and the world, has stopped buying Venezuelan crude, according to unnamed sources in the know who spoke to Bloomberg,

Last year, Reliance bought a quarter of the oil Venezuela exported, but the last time it bought Venezuelan crude this year was in March, Bloomberg reported, citing tanker data, and at a much lower rate than in 2019, at 117,650 bpd.

Reliance is not alone in shunning Venezuelan oil, fearing repercussions from Washington. India’s second-largest refiner, Nayara Energy, has also stopped buying Venezuelan crude, switching to Canadian, Kuwaiti, and Ecuadorian oil, again according to Bloomberg shipping data.

Meanwhile, tankers carrying at least 18.1 million barrels of Venezuelan oil are currently idling at sea across the world unable to find buyers – some for as long as six months – as many potential and previous customers of Venezuela’s crude are not taking chances with delivery for fear of incurring secondary U.S. sanctions.  

The latest round of sanction action by Washington against Caracas was to blacklist five Iranian tanker captains and all tankers that have called at Venezuelan ports over the 12 months to June, making many oil traders reconsider their plans. According to shopping brokerage data cited by Reuters earlier this month, there were as many as 77 tankers that have called at Venezuelan ports over the past 12 months, which puts them at risk of being blacklisted.

Despite the sanctions, Venezuela is still exporting some oil, mostly to China. As of mid-June, according to shipping data, there were 3.3 million barrels of Venezuelan crude waiting to unload at Chinese ports and another 5 million barrels worth en route to the country.

Besides China, according to Bloomberg, Venezuela is exporting to Cuba, as well as Spain and Italy, but those shipments are to cover debt and do not generate income for the Maduro government, which is the purpose of U.S. sanctions.

By Irina Slav for 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