Venezuela Is Running Out of Oil Storage Space Amid Tanker Curbs
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Oil tanks at a refinery on Lake Maracaibo in Maracaibo, Zulia state, Venezuela.Venezuela may soon have to start closing some oil wells as it runs low on storage capacity following last week’s tanker seizure and US plans to block other sanctioned vessels.The country’s main oil storage and tankers sitting at its terminals are quickly filling up and may be at maximum capacity in about 10 days, according to people familiar with the situation, who asked not to be identified because the information is private. If that happens, state-owned Petróleos de Venezuela SA, whose production is close to 1 million barrels a day, could be forced to shut-in wells.