Venezuela’s Oil Exports Plummet as Shipping Contracts Get Suspended

Venezuela’s Oil Exports Plummet as Shipping Contracts Get Suspended
The logo of the Venezuelan state oil company PDVSA is seen next to a mural depicting Venezuela's late President Hugo Chavez at a gas station in Caracas, Venezuela, on March 2, 2017. Carlos Garcia Rawlins/Reuters
Reuters
Updated:

Venezuela’s oil exports have fallen nearly 28 percent in the first half of June, on course for the lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude oil, according to documents and data on June 16.

Shipping firms are avoiding Venezuela after the United States earlier this month blacklisted four vessels and their owners for transporting the country’s crude.