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Venezuela's PDVSA Reaching Out to Old Customers

OIL

Venezuela’s PDVSA has begun contacting former customers with crude supply contracts following the easing of sanctions according to Reuters sources.

  • The easing of sanctions allows Venezuela to receive cash for crude and export to markets previously off limits in recent years.
  • PDVSA is understood to have lost a lot of traders and administration staff because of sanctions which could limit the company’s effectiveness to secure deals.
  • China is Venezuela's main oil-export market, receiving ~430,000 bpd of crude and fuel this year but Chinese independent refiners are likely to face higher prices for its crude if it no longer has to offer high discounts on its previously sanctioned barrels.
Energy BulletsCommodities
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