The dispute over a Venezuelan oil cook contract has resulted in overcrowding of tankers waiting to load goods, and some customers have been forced to seek alternative supplies.
There are 8 other vessels near Venezuelan ports awaiting the combined loading of 350 1,000 tons, according to the specialized power platform.
This came after the Venezuelan National Oil Company (Petroleos de Venezuela), last June, suspended its contract with Geneva-based Marwell Trading, following a dispute over outstanding accounts and the extension of the Venezuelan Oil Cook Contract.
A southern Indian cement company has revealed that Venezuelan oil supplier Cook has cancelled 3 contracts since last month, citing doubts about its ability to deliver the product.
«We expect someone else to intervene instead of Marwell now,» the company’s executive said, refusing to reveal the name of the company’s suppliers.
Petroleos de Venezuela has approved new buyers and intermediaries for Cook Oil Sales in recent months, a move to expand its customer roster and directly reach overseas buyers.
Another company stated that «no Indian buyer should attempt to obtain Venezuelan material without assurance that payment would be made only upon discharge», citing previous delays in delivery.
International oil cook prices fell this year (2023) amid supply and demand imbalances, according to I-Energy Natural Resources, which is based in the Indian state of Gujarat; However, a similar decline in coal prices has led some importers in Asia to move away from Venezuelan oil cook.
Cook sold Venezuelan oil at $105 a tonne last weekend, while Cook was reimbursed Saudi oil at $103 a tonne, and Cook oil from the U.S. Gulf Coast for delivery to India at $105 a tonne in the same duration, according to I-Energy.
