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Venezuela Require Prepayment for Crude

OIL

Venezuela’s PDVSA switched most oil sales to prepayment last month after three buyers failed to pay for cargoes recently based on Reuters sources.

  • The new payment setup has caused a sharp fall in crude exports from the country, hitting a 19-month low in May.
  • Volumes on tankers waiting to set sail have grown last month as vessels wait for payment authorisation to leave. PDVSA has been fetching lower prices for Venezuelan crude in return for advance payments. The discounts are reported as much as $47/bbl discount to Brent versus $35-38 prior to prepayment requirements.
  • Venezuela’s main market is China, but it could face more increased competition from sanctioned Iran and now Russia as payment requirements push buyers away.
Energy BulletsCommodities
Energy BulletsCommodities

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