February 1st, 2019

Venezuelan Sanctions

Tonne miles in the balance

The extension of US sanctions on Venezuela’s state oil firm PDVSA and its central bank on Jan 28 means that US entities (however they may be defined) must stop all oil trading and other financial transactions with PDVSA. As the market hunts for ships willing to lift Venezuelan oil cargoes, the broader implications of the sanctions for tanker markets are still evolving. Here we consider some of the possibilities.

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