Oil Tanker Arrives in Venezuelan Waters to Discharge Iranian Crude
A tanker carrying about 1 million barrels on Iranian heavy crude arrived in recent days in Venezuelan waters for delivery to the country's largest refinery, according to a shipping report seen by Reuters on Monday and vessel tracking data.Iran and Venezuela have recently expanded a swap agreement signed last year, adding the supply of Iranian heavy crude to Venezuela's El Palito refinery and Paraguana Refining Center (CRP), part of an effort to revamp the dilapidated facilities.
PDVSA Raises Prospect of Force Majeure on Oil Exports
OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter.Falling production from Venezuela has contributed to a rally in global oil prices to a near four-year high, and other OPEC members may boost output at a meeting later this month to compensate for the shortfall and other risks to global supplies.Oil is the financial lifeline for the embattled socialist government of President Nicolas Maduro…
PDVSA Halts Caribbean Storage, Shipping; Diverts Oil Cargo
Venezuela's state-run PDVSA suspended oil storage and shipping from its Caribbean facilities following a move by ConocoPhillips to temporarily seize the firm's assets on four islands, according to a PDVSA source and Reuters data.PDVSA has begun concentrating most shipping in its main crude terminal of Jose on Venezuela's eastern coast and recalling tankers to Venezuelan waters to avoid seizures that would further cut its exports and worsen an economy on the verge of collapse.U.S.…
