Venezuela is paying heavy premiums for fuel imports from Russia and Europe, with fewer than a dozen sellers seeing the risk as worth the reward after flows from the United States dried up because of sanctions, trading sources said and data showed.
The South American nation exports crude but its refineries are in poor condition - hence the need to import gasoline and diesel for petrol stations and power plants, as well as naphtha to dilute its heavy oil.
Since the United States imposed fresh sanctions on Venezuela on Jan. 28, products supplies have mainly come from Russian state oil major Rosneft, Spain’s Repsol, India’s Reliance Industries and trading houses Vitol and Trafigura, according to sources and vessel-tracking data.
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