Over half-billion dollars’ worth of crude oil is floating off the Venezuelan coast following US sanctions in January. According to World Oil, the country seems to be running out of space to store its sanction-stained crude forcing it to reduce output at a time when the world is thirsty for heavy, sulfurous oil. Tankers holding 8.36 million barrels of Venezuelan crude worth upwards of a half-billion dollars remain off its coast. Apparently, an armada of 16 ships holding cargoes belonging to state Oil Company Petroleos de Venezuela, Chevron, Valero Energy and Rosneft Oil were still on hold according to shipping reports and ship-tracking data compiled by Bloomberg.

Read more at: https://theoilbloc.com/venezuela-struggles-to-store-half-billion-dollars-of-sanctioned-oil/