VENEZUELAN PRESIDENCYĪlthough embattled Venezuelan President Nicolas Maduro insists the government has maintained social programs, he has publicly acknowledged that lower oil prices have left the government with less money to finance them. When oil prices were high, crude and fuel exports almost entirely financed an elaborate system of government price controls and social subsidies that maintained the popularity of late President Hugo Chavez, the socialist firebrand.

Venezuela’s crude exports declined 8 percent to 1.69 million barrels per day (bpd) in the first quarter versus the same period in 2016, according to Thomson Reuters data. This advertisement has not loaded yet, but your article continues below. Because Venezuela relies on oil for more than 90 percent of export revenues, the problems of its state-run oil company pose a national crisis. The lagging exports crimp the flow of cash back to the country’s crippled socialist economy, as citizens struggle daily amid soaring inflation and shortages of food and medicine. The tankers sidelined for cleaning provide a vivid example of the firm’s downward spiral: Lacking the cash to properly maintain ships, refineries and production operations – or to pay business partners on time – PDVSA can’t boost exports, which is its only option for raising more cash. Neither PDVSA nor Venezuela’s Oil Ministry responded to requests for comment about the firm’s maritime operations. Other reasons include delayed repairs and impoundments by service providers that are owed money by cash-strapped PDVSA.

The laborious hand-cleaning operation is one of many causes of chronic delays for dozens of tankers that deliver Venezuela’s principle export to customers worldwide, according to three executives of the state-run firm, eight employees of maritime firms that contract with PDVSA and Thomson Reuters vessel-tracking data. Manage Print Subscription / Tax Receipt.

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