Venezuela's Oil Exports Hit Roadblock at Port Terminals

Venezuela's oil exports are facing a significant bottleneck due to port infrastructure issues. According to Reuters, tankers are waiting as long as 30 days to load Venezuelan oil because of aging terminals, power outages, and crude-quality problems.

The de facto ceiling on exports appears to be around 1.25 million barrels per day, despite the country's rising production and strong demand for its heavy crude.

More than 500,000 bpd of Venezuelan crude is already being exported to U.S. refineries, particularly those in the Gulf Coast region that are designed to process the country's heavy, sour barrels.