Venezuela dodges oil asset seizures with export transfers at sea

By Marianna Parraga and Mircely GuanipaHOUSTON/PUNTO FIJO (Reuters) - Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighbouring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.

Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers. The.

This article is no longer available in our repository.

There could be multiple reasons for this.