Venezuela’s Oil Stocks On The Rise As Exports Fall

Oil inventories at the port of Jose have reached 11.8 million barrels, which is the highest since August, Reuters reports, citing a PDVSA document. The port is the largest export hub for Venezuelan oil. The reason inventories are on the rise is, once again, U.S. sanctions against Caracas. These have made buyers reluctant to risk importing Venezuelan oil now that a grace period is expiring for several commodity trading companies that Washington had allowed to continue buying Venezuelan oil for a while. The companies include Spain’s Repsol…