Updates
June 11, 2018: I don't know the ins and outs of force majeure, but what little I understand about the term, Venezuela's woes do not qualify. Venezuela's problem was simply mismanagement. I think their customers will see it the same way. I'm disappointed CNBC hasn't discussed it. Whatever. Three more links to bring us up to date:
- Citgo, most impacted by Venezuela's backlog, scrambles to find new sources
- Venezuela may "try" ship-to-ship" transfer at sea -- wow, this is scary (and memo to those reading: Venezuela will fail
- same story, different source
Original Post
This story is being tracked here. And as far back as 2015.
June 7, 2018; 24 million bbl backlog; Venezuela's fate looks very, very bleak. From the linked article:
Dozens of tankers waiting to load over 24 million barrels of Venezuelan crude are sitting at the country’s main oil export terminal, with the loading delays at almost a month, Reuters reports, citing shipping data. This could put the company in breach of its oil supply contracts with refiners such as Valero and oil majors such as Chevron and China’s CNPC.Let's put that 24 million bbls in perspective:
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