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Force majeure on PDVSA's oil exports?

Published 06/06/2018, 04:53 AM
Updated 06/06/2018, 04:53 AM
© Reuters.  Force majeure on PDVSA's oil exports?
  • Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, Reuters reports.
  • The OPEC member's export terminals have grown overcrowded since ConocoPhillips (NYSE:COP) last month won court orders freezing PDVSA's key Caribbean operations, where the company used to ship large cargoes to Asian destinations.
  • Crude futures +0.1% to $65.58/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, OILD, OILU, USAI


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