Venezuela resorts to floating storage as onshore storage tanks fill up
Venezuela''s state-run oil company PDVSA has started filling tankers with crude and fuel oil and keeping them in Venezuelan waters, as inventories have mounted due to the
Most of the remaining crude oil was destined for India, China, and Europe. Venezuela has seven crude oil export loading points, in practice; however, most of its crude oil exports are routed through the Puerto Jose terminal, which is located offshore of the Jose industrial complex in northeastern Venezuela.
Furthermore, budgetary constraints at Venezuela's state oil company PDVSA and a lack of qualified technical personnel and foreign direct investment have all hampered Venezuela's oil and natural gas development. PDVSA is the largest source of revenue for the Venezuelan government.
Since PDVSA's main joint-venture partner Chevron (CVX.N) has not suspended exports of the crude grades they jointly produce, most inventories at Venezuela's western region, where storage capacity is very limited, are close to normal levels, the documents showed.
The U.S. has continued pursuing tanker seizures after intercepting two fully loaded cargoes of Venezuelan crude earlier this month. Venezuela's oil exports in December fell to about half the 950,000 bpd they averaged in November, according to preliminary figures.
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