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Sanctions on Venezuela: Correcting the Media

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Sanctions on Venezuela: Correcting the Media

Petro-Logistics has prepared numerous client notes since US sanctions were imposed upon Venezuela. As a follow up to our notes released throughout February and early March regarding the impact of US sanctions on Venezuelan crude and upgraded crude oil exports, Petro-Logistics is taking this opportunity to clarify some recent information posted by the news media:

The tanker NS Concept has recently been mentioned in media reports claiming that she was turned away after six days of waiting at the port of Houston, whereafter she transferred Venezuelan oil onto the Saudi-owned tanker Ghazal in the Gulf of Mexico. Petro-Logistics has confirmed through discharge information that, contrary to these claims, the NS Concept was carrying Venezuelan fuel oil which she fully discharged at Houston. She then loaded 697 kbbls of WTI which were transferred onto the Ghazal, now bound for Taiwan.

Petro-Logistics’ access to superior information from both load and discharge ports across the world enables us to correctly identify the grade & quantity of oil on board all tankers within our areas of coverage.