Venezuela had restarted shipments to Europe after 2 years of | The Paradigm Shift Channel ⏳

Venezuela had restarted shipments to Europe after 2 years of US sanctions under a deal that allows them to trade oil for debt relief. However, the gov't has now suspended those shipments, saying it is no longer interested in oil-for-debt deals and instead wants refined fuels from Italian and Spanish producers in exchange for crude.

Venezuela's own refineries are struggling to remain in operation because of lack of investment and lack of repairs. Refined fuels would help them to get back on their feet in terms of energy and industry.

Venezuela's heavy oil operations need imported diluents such as heavy naphtha. PDVSA has relied mostly on Iranian diluents to turn its extra heavy crude into exportable grades.