Tankers Stack Up as Venezuela Sells Oil Faster Than Its Ports Can Handle

AI Summary

Venezuela's oil port terminals are in poor condition, causing tanker backlogs with wait times of up to 30 days due to infrastructure issues, power outages, and quality concerns. This situation limits exports despite Venezuela's increase in crude production.

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 aging infrastructure, power outages and quality issues, according to shipping data, sources and documents.