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EXCLUSIVE Venezuela demands prepayment on spot oil sales after buyer defaults -sources – Reuters.com

HOUSTON, June 8 (Reuters) – Venezuela’s state-run PDVSA final month started switching most oil gross sales to precost, requiring spot cargo consumers pay in full earlier than tankers can set sail after a quantity of current defaults, three people Shut to The selection said.

The mannequin new cost phrases, first communicated in April to corporations intermediating Inside the oil gross sales, sharply lowered Might oil exports and left tanks storing the nation’s flagship crude grade near full performance.

As extra loaded vesselswaited for authorizations to set sail, The quantity of crude caught Inside the tankers virtually doubled To three.7 million barrels So far this month from 1.9 million barrels in March, PDVSA’s docs confirmed.


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