Free Trial

Corruption Probe Slowing Venezuelan Crude and Fuel Exports

OIL

Oil export contract reviews at Venezuela's state-run PDVSA have nearly halted all commercial crude and fuel releases. Officials are trying to link up past invoices with payments due to a recent corruption probe.

  • Across Venezuela's export terminals, only four PDVSA customers were active this week: Iran's Naftiran Intertrade Company, U.S.-based Chevron, Cuba's state-owned Cubametales and Hangzhou Energy, according to PDVSA schedules.
  • The issues have led to a cargo bottleneck building up off Venezuela. TankeTrackers counts 23 vessels waiting to load Venezuelan crude and fuel for export off its main Jose terminal.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.