Bloomberg

Latest sign of Venezuela's oil collapse is 84% surge in stockpiles

The Trump administration is zeroing in on the diesel swaps because it's running out of options to pressure the regime of President Nicolas Maduro. Foto: AP Photo/Ariana Cubillos

Venezuelan crude inventories have surged 84% over the last three weeks as the threat of U.S. sanctions ward away buyers of the nation's most important commodity. That raises the risk that state-run PDVSA will have to start shutting in production again, and is the latest sign that Venezuela's oil industry is on the verge of collapse.

The port of Jose, the main gateway of the country's oil exports, has been empty for a week as importers of Venezuelan crude including India's Reliance Industries Ltd, Spain's Repsol SA and Italy's Eni SpA skipped oil purchases this month, according to internal reports seen by Bloomberg. The three companies last month took a combined 9.7 million barrels, accounting for more than half of September's exports...

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