Tankers Wait Up to 30 Days as Venezuela Hits Oil Export Ceiling

Source Summary

Venezuela faces a de facto ceiling on oil exports at approximately 1.25 million barrels per day due to aging port terminals, power outages, and crude-quality issues. Tankers are waiting as long as 30 days to load Venezuelan oil. Despite rising production, inventory drawdowns, and strong demand, PDVSA and its partners have been unable to push exports meaningfully above this level in recent months.