Top Stories
Iran Venezuela_GBO_Image

Iran sends oil tankers to Venezuela amid US sanctions

About 10 vessels will also assist Venezuelan crude after discharging fuel

Iran is sending its biggest fleet yet of tankers to Venezuela as the country faces a serious fuel shortage amid the Covid-19 pandemic and a complex relationship with the US.

It is reported that about 10 vessels will also assist Venezuelan crude after discharging fuel. The government of Venezuela is widening its reliance on Iran as an ally of last resort after countries such as China and Russia have also halted trade with Venezuela due to the US policies.

Venezuela’s fuel crunch reflects the corruption, mismanagement and under-investment of its oil major Petroleos de Venezuela. Furthermore, the country was a top crude supplier to the US where it had the lowest domestic gasoline prices in the world. However, the current situation is worst even to produce any fuel.

The country’s fuel imports from Iran are running out, leading to a nationwide shortage of gasoline. It is reported that several vessels that transported fuel to the country earlier this year turned off their satellites at least ten days ago. The Iranian vessels included Horse and Fortune.

The main reason behind turning off transponders is to avoid detection. Many Iranian ships were painted over and changed to obscure the vessel’s registration.

Venezuela needs to export good amount of crude oil to free up storage space and avoid filed stoppages in addition to importing fuels. However, the task is a little difficult amid the US sanctions.

The global oil market is scrambling for a rebound. However, some oil majors are showing signs of rebound.

Related posts

Saudi Aramco joins ACWA Power’s solar project in Sudair

GBO Correspondent

South African insurtech startup, CTRL receives $2.3 mn from Naspers Foundry

GBO Correspondent

Malaysian Touch ‘n Go’s GO+ fund is now shariah-compliant

GBO Correspondent