OIL & GAS

PDVSA changes oil deals to include shipping as sanctions bite: documents

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to US sanctions, according to company documents seen by Reuters.

The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country’s oil exports as it tightens restrictions on trade with the South American country.

Washington has been trying to weaken socialist President Nicolas Maduro by choking the OPEC member’s oil exports, depriving the government of petrodollars — its main source of revenue.

Most shipping firms are avoiding Venezuela because of the sanctions, making it difficult and expensive to hire tankers to load crude there and helping drop the country’s oil exports to their lowest in nearly 80 years.

Source
ET Energy World
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