• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 2 hours EU has already lost the Trump vs. EU Trade War
  • 36 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 50 mins Tesla Launches Faster Third Generation Supercharger
  • 47 mins ''Err ... but Trump ...?'' *sniff
  • 3 hours China's Renewables Boom Hits the Wall
  • 2 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 10 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 10 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 9 hours Crazy Stories From Round The World
  • 20 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Venezuela Just Lost One of Its Largest Fuel Suppliers

PDVSA

Spanish Repsol is suspending fuel shipments to Venezuela due to fears that it could violate the US sanctions against the Latin American nation, according to Reuters. The fuel was provided by Repsol to Venezuela in exchange for crude oil.

Repsol and Venezuela began the product swaps since late 2018, and have continued the arrangement until now, despite the sanctions that have been in place for months. Those sanctions ban the use of US financial institutions to conduct oil business with PDVSA.

It is unclear whether this suspension will eventually become permanent, according to Reuters sources, pending the outcome of talks between Repsol and Washington.

The complicated relationship between Repsol and PDVSA is contributing to the growing stockpile of tankers lingering off the Port of Jose—Venezuela’s largest port. At least two tankers chartered by Repsol—laden with PDVSA crude oil—have been sitting off the Venezuelan coast for more than a week. They join an already mounting problem next to tankers chartered by Chevron, Citgo, and Valero who are also having problems figuring out whether doing business with PDVSA is still in their best interest, and if so, how to go about doing that business, specifically how to pay for the crude.

Venezuela is struggling to get its crude oil out of the country, not just because of US sanctions, but because of repeated blackouts that shut the port of Jose. Oil exports fell sharply in February under the weight of the sanctions, and then fell just slightly in March to below 1 million bpd.

Exports are likely to fall even further with Repsol suspending its take along with a new round of sanctions set to stop Venezuela’s crude oil from getting to its neighbor, Cuba.

By Julianne Geiger 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
Download on the App Store Get it on Google Play