Venezuela Could Invoice US$2 Billion in March for Oil Exports
Venezuela could invoice around 2 billion dollars for oil exports in March, as crude oil sales could approach 800,000 barrels per day (bpd) with an average price of 86 dollars per barrel, the highest in recent years, due to the Middle East crisis. Banking [...]
TL;DR
- Venezuela anticipates invoicing around $2 billion for oil exports in March.
- External crude sales are estimated to reach 800,000 bpd with an average price of $86 per barrel.
- The current revenue flow scheme and currency distribution methods have not effectively controlled the exchange market.
- A significant gap persists between the official and parallel exchange rates.
- OFAC's License No. 52 offers limited flexibility for US companies to contract with PDVSA.
- Investments needed for sustained oil production recovery are estimated at $100 billion.