US lets Venezuela oil licence lapse, leaving tanker backlog at ports

The US Treasury has not renewed General License 44 for Venezuela's oil sector and on 17 April gave companies 45 days to wind down pending transactions, Reuters reports via gCaptain. PDVSA's exports rose in March to their highest in four years as buyers hurried to complete purchases, but shipping data showed the backlog of tankers waiting to load at Venezuelan ports had not eased significantly. Analysts expect exports to stagnate at about 900,000 barrels a day this year. Experts said PDVSA is likely to return to little-known intermediaries selling at a discount, mainly to Asia. Authorisations held by Chevron, Repsol and Eni were not withdrawn.

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