None Of Venezuela’s Crude Oil Upgraders Are Processing Oil

Venezuela has stopped upgrading crude oil as PDVSA finds itself without buyers in the wake of US sanctions, according to sources who spoke to Reuters. Venezuela hasn’t shut down its upgraders completely, instead, leaving some of them running without producing new oil in order to prevent damage to the facilities. The upgraders are responsible for upgrading the Latin American nation’s extra-heavy Orinoco oil into lighter-weight grades that are more palatable for foreign buyers—buyers which have now moved on to other suppliers in…