Venezuela's dilapidated oil port terminals are imposing a de facto export cap on the country's resurgent crude production, with tankers having to wait up to 30 days to load because of ageing
Venezuela's dilapidated oil port terminals are imposing a de facto export cap on the country's resurgent crude production, with tankers having to wait up to 30 days to load because of ageing infrastructure, power outages and quality issues, according to shipping data, sources and documents.
The delays are putting roadblocks on a U.S. plan to quickly boost Venezuela's oil exports following a flagship pact with global trading houses. The fight for infrastructure looks likely to intensify as many partners of state energy firm PDVSA get ready to market their share of output independently under new contract terms.
The last time Venezuela's oil customers had to deal with such long delays was during a naval blockade imposed by the U.S. on the South American country late last year, part of a strategy that culminated with the January 3 capture of then-President Nicolas Maduro. Since then, interim leader Delcy Rodriguez has been sticking to Washington's plan to reanimate oil exports.
But in recent months, PDVSA and its partners have been unable to surpass 1.25 million barrels per day of exports even amid rising crude output, stock drainage and high global demand, vessel monitoring data showed.
When output peaked at more than 3
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