Vz tankers sit idle

Sanctions biting oil hard.

U.S. sanctions strand Venezuelan oil cargoes on 21 tankers

(Reuters) – More than 20 tankers loaded with 9.6 million barrels of Venezuelan oil have anchored off the U.S. Gulf Coast in recent days. Some buyers had purchased the cargoes ahead of U.S. sanctions imposed last week, using the vessels as floating storage. Others weighed how to pay under new rules, according to traders, shippers and data from Refinitiv Eikon.

While the sanctions have not affected flows to Asia, it is unclear what will happen with several other Venezuelan cargoes anchored off Europe and in the Caribbean, as well as others en route to countries including Italy, Sweden and the Netherlands.

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Source: reuters.com