Tuesday, November 13, 2018

Venezuela Problem will not Derail Caribbean Fuel Supply

Posted by May 16, 2018

There is enough oil supply in the global market to make up for potential fuel disruptions from U.S. oil producer ConocoPhillips (COP)' legal actions against Venezuelan state oil company PDVSA, a State Department spokesman said on Wednesday.

"The U.S. Department of State remains in contact with our partners in the Caribbean to reduce the risk of supply disruptions," Vincent Campos, spokesman for the Bureau of Energy Resources at the department said. "There is sufficient oil supply in the global market that countries can access."

The U.S. company said on Tuesday it was far from collecting the full value of a $2 billion arbitration award against PDVSA, after Conoco won curt orders allowing it to begin seizing PDVSA assets.

Reporting by Lesley Wroughton

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