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Venezuela Has $500 Million of Crude Sitting in Ships — but Nobody Wants to Buy It

February 26, 2019

Via: Fortune
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Venezuela is running out of space to store its sanction-stained crude that few dare to buy, forcing it to reduce output at a time when the world is thirsty for heavy, sulfurous oil.

Tankers holding 8.36 million barrels of Venezuelan crude worth upwards of a half-billion dollars are floating off the country’s coast as the nation struggles to find buyers for its oil following new U.S. sanctions in January. An armada of 16 ships holds cargoes belonging to state oil company Petroleos de Venezuela SA, Chevron Corp., Valero Energy Corp., and Rosneft Oil Co PJSC, according to shipping reports and ship-tracking data compiled by Bloomberg.

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