Reuters: Venezuela stops oil supplies to Europe in exchange for debt relief

Venezuela suspended the supply of crude oil to Europe and asked Italian Eni and Spanish Repsol to supply it with fuel in exchange for future supplies of the energy source. Reuters.

Venezuelan oil and gas company PDVSA is reportedly “no longer interested” in deals the US State Department approved in May to swap oil for debt. Deliveries of Venezuelan oil to refineries in Spain have helped Europe reduce its purchases of Russian oil since the start of the special operation in Ukraine.

According to the agency’s source, PDVSA wants to return to oil swaps, but that is not yet possible.

“Oil-for-oil deals are not interesting,” the source told Reuters.

The report states that realigning the agreement could help PDVSA revitalize its operations for superheavy oil production in the “Orinoco belt” (unconventional oil deposits in the form of oil shale in Venezuela’s Orinoco River). .Ru”) and improve the situation with open fuel in Venezuela.

In July 2022, the US allowed Venezuela’s Italian Eni SpA and Spanish Repsol SA to supply oil to Europe. In addition, Washington lifted sanctions preventing American and European oil companies from operating in Venezuela.

Former German newspaper Handelsblatt WroteVenezuela will supply 3.8 million barrels of oil to Italian concern Eni and Spanish concern Repsol.

Source: Gazeta


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