Venezuela’s state-owned oil company, PDVSA, has begun using tankers as floating storage for crude oil as exports become increasingly difficult amid seizures and detentions by the US.
Following a series of US government operations targeting tankers carrying Venezuelan oil, including recent seizures, many vessels are no longer venturing out. As a result, oil is piling up on tankers that sit idle off the coast awaiting safe routes or buyers.
✈️ This arrangement reflects the severe pressure on Venezuela’s oil sector: land-based storage facilities are overflowing, and seaborne exports are effectively stifled by sanctions. Using tankers as storage facilities increases costs and reduces the fleet’s availability for normal trade.
Seamen’s Club 🇺🇦 | #news