Venezuela Oil Export Halted

Crude oil and refined product exports from Venezuela remained at a standstill on Monday as protests at PDVSA prevented tankers from loading. There has been local movement but for exports everything is closed. As many as 25 ships were at port waiting to load. Disruptions started on Wednesday and have escalated to all Venezuela's oil ports. The country's El Palito refinery was closed, while the Puerto La Cruz plant was running at 20 percent. Venezuela's largest refinery, the Amuay-Cardon complex in Paraguana, with capacity of 960,000 barrels per day, may halt operations due to protests. The refinery, a key supplier of gasoline and heating oil to the United States, was running at just 50 percent capacity. Dissident PDVSA executives, protesting at a management shake-up, have said shipments were being stopped because loading instructions were not being processed.

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Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
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