950,000-Barrel Oil Cargo Returns To Venezuela After Year At Sea

A cargo of 950,000 barrels of crude that had been stranded at sea for about a year has finally docked at the port of Jose in Venezuela, Bloomberg reports, adding that the cargo was worth around $50 million at today’s prices. The cargo, on the Gerd Knutsen tanker, was loaded in January 2019 but never reached its destination on the U.S. Gulf Coast because of the escalation of U.S. sanctions against Venezuela and the effective takeover of Citgo by Venezuelan opposition leader Juan Guaido with the support of Washington. Gerd Knutsen set sail…