A total of $26 million in unpaid bills has caused Venezuela’s PDVSA to be blocked from using a NuStar Energy oil storage terminal in the Caribbean, according to an exclusive report by Reuters. The facility, located on St. Eustatius island, has not received payment from PDVSA for its services for nearly a year. NuStar has since refused to retrieve PDVSA’s oil that was supposed to be delivered to an oil trader. Quality control issues have also jeopardized Caracas’ credibility in international circles, which compromises the Venezuelan government’s already limited ability to provide imported goods for its citizens, which include day-to-day and medicinal supplies. PDVSA had expanded its contract to store crude with NuStar earlier this year, after a deal with Buckeye Partners in the Bahamas fell through due to an unrelated payment dispute. Venezuela has been a major proponent of extending and expanding the scope of the Organization of […]