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Venezuelan Petronas (PDVSA), which relies heavily on U.
S.
crude oil to operate its refinery on the island of Curacao, has cancelled plans to import U.
S.
crude in April and May after sellers demanded payment
before delivery.
According to people familiar with the matter, the price is correct, but the two sides cannot agree
on payment terms.
CNPC usually pays after the delivery of crude oil cargoes or in petroleum products and crude oil
.
Petronas had planned to buy 3.
5 million barrels of West Texas Intermediate crude and Domestic sweet blend for the Isla refinery on Curacao
.
Suppliers are increasingly demanding early payments in cash as Venezuela struggles to improve crude processing levels due to breakdowns and lack of maintenance, and Venezuela's crude oil production fell by a third year-on-year in March
, people familiar with the matter said.
As Venezuelan crude oil production plummeted due to a lack of investment, triple-digit inflation and the humanitarian crisis, the Isra refinery, which previously processed Venezuelan light crude, turned to importing supplies
.
Last year, all crude oil imported by the Isla refinery came from the United States, with an average of 15,000 barrels
per day, according to data compiled by the U.
S.
Energy Information Administration and Bloomberg News.
Venezuelan Petronas (PDVSA), which relies heavily on U.
S.
crude oil to operate its refinery on the island of Curacao, has cancelled plans to import U.
S.
crude in April and May after sellers demanded payment
before delivery.
According to people familiar with the matter, the price is correct, but the two sides cannot agree
on payment terms.
CNPC usually pays after the delivery of crude oil cargoes or in petroleum products and crude oil
.
Petronas had planned to buy 3.
5 million barrels of West Texas Intermediate crude and Domestic sweet blend for the Isla refinery on Curacao
.
Suppliers are increasingly demanding early payments in cash as Venezuela struggles to improve crude processing levels due to breakdowns and lack of maintenance, and Venezuela's crude oil production fell by a third year-on-year in March
, people familiar with the matter said.
As Venezuelan crude oil production plummeted due to a lack of investment, triple-digit inflation and the humanitarian crisis, the Isra refinery, which previously processed Venezuelan light crude, turned to importing supplies
.
Last year, all crude oil imported by the Isla refinery came from the United States, with an average of 15,000 barrels
per day, according to data compiled by the U.
S.
Energy Information Administration and Bloomberg News.
