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Fuel buyers are hoping for «Harvey» in Venezuela News

Friday, September 1st, 2017 | Economy

The Opec member can not profit directly from the failure of the US refineries because of its droughtous oil industry. In front of its coast are numerous tankers with petrol and diesel in the roadstead. Other Latin American states have thrown an eye on these because they are dependent on fuel imports. Most oil companies in the region were waiting for the reopening of the US loading terminals, an oil trader said. "But some companies are desperate." For in the past few days, a tanker from the flooded Gulf coast.
According to an insider, an oil trading company canceled the delivery of two diesel tankers to the Venezuelan state group PDVSA and transferred them to Ecuador. PDVSA could not be reached for an opinion at first. A total of around seven million barrels (1 barrel = 159 liters) of petroleum products are waiting for unloading in the southern Caribbean. The tankers have been partly offshore for weeks – because PDVSA is delayed with payments or the ports are overloaded. Although Venezuela has the largest crude oil reserves in the world, it still needs to import petrol and diesel. Because of the economic crisis and the political unrest, the country's refineries are in a bad state.
Replacement for failed US deliveries sought
As a result, the search for Latin American states is underway for replacing the failed US deliveries on high-ways: The Peruvian oil company Petroperu has issued an order for up to five tanker charges of diesel for delivery in September and October. Ecopetrol from Colombia needs gas oil immediately. Also Mexico, which usually takes two tanker loads daily from the USA, is looking for alternatives. The US is the world's largest exporter of petroleum products, mainly shipped over the Gulf Coast, with more than five million barrels a day. About half of them go to Latin America.
The diversion of cargo originally destined for Venezuela can be lucrative for oil traders. Finally, the failure of the US refineries drives up the price of gasoline and diesel. Because of "Harvey" currently US refinery capacities of 4.4 million barrels per day are broke. This corresponds to about 4.5 percent of the world's quantity.
However, the tankers ahead of Venezuela can not be sent directly to other ports. In order to cancel a delivery, a breach of the contract must be established, says a Börsian. This could lead to a lengthy legal dispute. "It is therefore easier to negotiate with Venezuela a later delivery date and to redirect the tanker in the meantime."


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