Tankers Wait a Month as Venezuela Hits an Oil Export Ceiling

Venezuela has plenty of oil buyers again. What it does not have is enough functioning port infrastructure to get them their crude. Tankers are waiting as long as 30 days to load Venezuelan oil as aging terminals, power outages and crude-quality problems create a de facto ceiling on exports, according to Reuters. That ceiling appears to be around 1.25 million barrels per day. PDVSA and its partners have been unable to push exports meaningfully above that level in recent months despite rising production, inventory drawdowns and strong demand for…