The top U.S. buyers of Venezuelan oil are in the unusual position of trying to r...
- The top U.S. buyers of Venezuelan oil are in the unusual position of trying to return millions of barrels of crude they need but cannot accept because of U.S. sanctions on the South American nation and its state-run energy firm PDVSA.
In effect, more than 6 million barrels of Venezuelan crude remain in limbo as a result of U.S. sanctions imposed on Jan. 28 by Washington in an effort to oust President Nicolas Maduro. The United States and dozens of other nations recognized opposition leader Juan Guaido as the nation’s legitimate leader.
PDVSA, Citgo and Valero did not reply to requests for comment. Chevron does not comment on supply and trade matters, a spokesman said.The standoff has stranded some 6.4 million barrels of Venezuelan heavy crude onboard 11 tankers originally destined for the United States, as they have not been authorized to set sail. The vessels fell into limbo because PDVSA demanded prepayment for the cargos after sanctions were imposed, which U.S. firms cannot do.
The Houston-based Citgo cut ties with its parent company in compliance with U.S. measures that halted its purchases of PDVSA’s oil, the documents said.As of March 8, the 11 loaded vessels remained anchored off ports in Venezuela. Two other Chevron-chartered cargoes were stuck off the U.S. Gulf Coast and a third was returned to Venezuela’s Amuay terminal, according to Refinitiv Eikon vessel-tracking data.
But the efforts have not been enough to avoid an export decline. The OPEC-member country’s oil shipments fell to some 920,000 barrels per day in February according to Refinitiv Eikon data.
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