Venezuela resorts to floating storage as onshore storage tanks fill up
Venezuela's state oil company PDVSA is using tankers for floating storage as onshore tanks fill up due to U.S. actions deterring ship owners, causing a cargo backlog. Despite U.S.-Venezuela tensions, Chevron continues exports. The U.S. Coast Guard intercepted tankers carrying Venezuelan crude, part of a 'shadow fleet' under sanctions. PDVSA is negotiating with customers and considering force majeure. President Maduro insists on fulfilling Chevron contracts, while Venezuela's National Assembly passed a law against promoting oil cargo blockades.
