Shafaqna English– Venezuela’s crude oil production has been recovering, but the country’s decrepit port terminals are effectively acting as a ceiling on exports. According to shipping data, industry sources, and official documents, tankers are being forced to wait as long as 30 days to load cargo due to outdated infrastructure, frequent power outages, and persistent crude quality problems.
These holdups at Venezuelan ports are undermining Washington’s strategy to swiftly expand the country’s crude exports following a high-profile deal with leading global commodity traders. As many of PDVSA’s business partners are poised to begin selling their allocated output directly under fresh contractual terms, the scramble for scarce dock space and loading equipment is likely to escalate.
Source: Reuters