Tankers Across The Caribbean Wait For PDVSA Payments


Ten tankers carrying various oil products are sitting anchored across the Caribbean awaiting payment for the delivery from Venezuela’s PDVSA, unnamed sources told S&P Platts. The vessels hold more than 3 million barrels of oil products, including heavy virgin naphtha and gasoline blendstock.

The troubled Venezuelan company has been slow to make payments for oil product cargoes, but it is making them, one of the sources said, adding that “We did not see them as big buyers for May deliveries of gasoline and diesel, so I guess they feel comfortable with the ships waiting.”

Venezuela is suffering a shortage of heavy virgin naphtha, which is blended with the local heavy crude before it is shipped to the United States and Asia. This has added to woes such as the catastrophic decline in…

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