UK broker Braemar is predicting an oversupply of crude tanker tonnage in the Atlantic as Venezuela halts exports to the US.
National oil company Petroleos de Venezuela SA (PDVSA) has revoked authorisation for US major Chevron to ship out its crude, despite the US government allowing Chevron’s licence to be extended to 27 May.
This marks “a significant escalation in the fallout from US sanctions”, London-listed Braemar said.
