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Market Chatter: Tankers Loading Venezuelan Oil Face Long Port Delays

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Tankers loading Venezuelan oil face port delays of up to 30 days due to aging infrastructure, power outages, and quality issues, hindering the US plan to boost its domestic output through an energy partnership established in January, Reuters reported Friday, citing sources and shipping data.

Current crude oil exports are limited to about 1.3 million barrels per day despite rising production, the report said. This is way below the levels recorded two decades ago, when output peaked at more than 3 mmbbls/d and exports reached at least 2.5 mmbbls/d, with vessels transiting in and out of the country in less than a week.

Loading limitations have caused crude quality issues, ship contamination, and oil leaks, while delayed schedules leave state-owned PDVSA facing heavy demurrage claims, sources told the news agency.

The Venezuelan energy ministry and PDVSA did not immediately respond to' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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