Venezuela’s state oil company PDVSA has told eight foreign clients it will be unable to supply the contracted volumes of crude oil, a company employee told S&P Platts. “Among the affected clients due to the low availability of crude to export are Nynas, Tipco, Chevron, CNPC, Reliance, Conoco, Valero, and Lukoil, which will partially receive the volumes established by the contracts,” the person said. The amount the company will not be able to supply is close to half of the total committed volumes of this grade, Merey 16, for June. It only has 578,000 bpd of the grade available, while the total contracted volume is 1.271 million barrels daily. PDVSA’s total crude commitments for the month stand at 1.495 million bpd, but it only has 694,000 bpd available. Plagued by mismanagement, corruption, and most recently a lack of investment money under the double weight of U.S. sanctions and lower […]