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Date Posted: 9:20:43 1/31/23 Tue
Author: Jasper
Subject: Screw me once, you bad. Screw me twice, my bad.

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Venezuela’s state-owned oil firm PDVSA has tightened the prepayment rules for its oil after a review of contracts, demanding now cargoes be paid in cash or in goods and services that should be received before loadings can take place, Reuters reported on Monday, quoting PDVSA documents it had seen.

Earlier this month, Venezuela’s PDVSA suspended most of its crude oil exports and some fuel exports for a review of the contractual terms, a review that was to be conducted under the new head of the company, Pedro Rafael Tellechea.

The review of the contracts under Tellechea – appointed by Venezuelan President Nicolas Maduro in early January – was aimed at making sure there would be no payment defaults. Since the imposition of U.S. sanctions on trade in Venezuela, PDVSA has had to resort to middlemen to market its oil, which has created complications with payments, Reuters noted earlier this month.

https://oilprice.com/Latest-Energy-News/World-News/Venezuela-Demands-Prepayment-For-Its-Oil.html

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