Venezuela is staying under the pressure of tough US sanctions. The latest sanctions against the local government were aimed at Venezuela’s state-owned oil company PDVSA. Recently, the situation for the Venezuelan oil producer has worsened. Thus, at least 16 tankers filled with more than 18 million barrels of Venezuelan oil are now stuck at sea around the world as no one wants to buy it. Obviously, global oil refineries avoid dealing with Venezuelan state-controlled oil supplier as they do not want to fall foul of the US sanctions. Washington has imposed tight sanctions on Venezuela in order to cut its oil exports and to deprive the government of President Nicolas Maduro of its main source of revenue. In June, the US blacklisted over a hundred ships and transport companies involved in trading and transporting PDVSA’s oil. In particular, five Iranian tanker captains were added to the list after delivering gasoline to Venezuela. At the moment, the unwanted oil cargo continues to stay on the water in different parts of the world. Some of the vessels have been out for more than six months trying to find buyers in several ports but failed to succeed.
