Oil tankers carrying 2 months of Venezuelan output stuck at sea
Tankers carrying nearly two months' worth of Venezuelan oil output are stuck at sea as global refiners shun the nation's crude to avoid falling foul of U.S. sanctions, according to industry sources, PDVSA documents and shipping data.Washington is tightening sanctions to cut Venezuela's oil exports and deprive the government of socialist President Nicolas Maduro of its main source of revenue.The OPEC member's exports are hovering near their lowest levels in more than 70 years and the economy has collapsed, but Maduro has held on, to the frustration of the administration of U.S. President Donald Trump.Washington has blacklisted ships and merchants this month for their role in trading and transporting state-run PDVSA's oil and threatened to add more to its list of sanctioned entities.
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