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PDVSA’s oil sales to U.S. bounced in June; Caribbean stocks drained

Venezuelan crude sales to the United States recovered in June from May as state-run PDVSA exported more of its diluted oil to its customers and drained inventories from two Caribbean islands affected by assets seizures, according to Thomson Reuters data.

PDVSA exports have declined in recent months due to a stubborn tanker backlog around Venezuela’s main ports and its fast-declining crude output, which has stopped the firm from complying with supply contracts to almost all of its customers.

Legal actions against PDVSA by U.S. producer ConocoPhillips aimed to satisfy a $2 billion arbitration award also have recently worsened the bottleneck as the Venezuelan firm is no longer fully using its Caribbean terminals to store and export.


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