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Russia’s Lukoil, one of PdVSA’s main suppliers of oil products, froze its contract with Venezuela today. Moscow Corp. not prepared to risk ban from U.S. financial system for Maduro.
Lukoil is among about half a dozen oil traders who cut or suspended contracts with Pdvsa today, according to traders and a Pdvsa supply official. This threatens to leave the company without gasoline and diluent to move its crude.
Pdvsa has 10 days of gasoline supply left, show company documents. Very tight window to find alternative suppliers before the country plunged into chaos.
The race is on now to copy oil sale schemes used by Iran, but PdVSA’s technical capacity is low. Oil traders like Lukoil may resume supplies, but they need guarantees against sanctions and price premiums.
