PDVSA negotiates pricing and contract adjustments with major buyers, including Chevron and China, while avoiding force majeure declarations. . In December 2025, Venezuela's PDVSA begins resorting to floating storage due to filled onshore tanks amid U. 🇻🇪 Venezuela faces a storage crisis as oil capacity. . Prices are estimates; confirm current rates, fees, taxes, and terms with providers or official sources.
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Why is the US pursuing a tanker seizure of Venezuelan oil?
The U.S. has continued pursuing tanker seizures after intercepting two fully loaded cargoes of Venezuelan crude earlier this month. Venezuela's oil exports in December fell to about half the 950,000 bpd they averaged in November, according to preliminary figures.
Will US blockade stop Venezuela's refining units?
Dec 31 (Reuters) - The accumulation of residual fuel inventories in Venezuela's onshore tanks is forcing state energy company PDVSA to resort to extreme solutions to avoid shutting down refining units, as a U.S. blockade stopping tankers that are under sanctions from entering and leaving the country cuts exports to a minimum, four sources said.
Does PDVSA still produce crude oil in Venezuela?
Since PDVSA's main joint-venture partner Chevron (CVX.N) has not suspended exports of the crude grades they jointly produce, most inventories at Venezuela's western region, where storage capacity is very limited, are close to normal levels, the documents showed.
Why does Venezuela produce a lot of residual fuel?
Residual fuel destined for Asia Because it mostly produces extra-heavy crude that needs to be diluted for transportation and processed in complex refineries, Venezuela also produces high volumes of residual fuel, particularly high-sulfur fuel oil, which is typically exported to Asia.
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