Exclusive: Bank jitters over Venezuela stall oil delivery to U.S. refiner

18 Aug 2017   Venezuela

A tanker carrying a cargo of about 1 million barrels of Venezuelan heavy crude has been stranded for more than a month off the coast of Louisiana for lack of a bank letter of credit to discharge, three sources have told Reuters. The tanker’s fate is just the latest sign of state-run oil company PDVSA’s precarious financial position. Major banks are cutting exposure to Venezuela as a result of political upheaval in the South American country. Some banks have closed accounts linked to officials of the OPEC member who have had sanctions leveled against them by the U.S. government and have refused to provide correspondent bank services or trade in government bonds. The United States is considering further economic sanctions that would dry up the country’s access to Wall Street. The Suezmax tanker Karvounis carrying Venezuelan diluted crude oil is anchored at South West Pass […]

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