Longevity of OPEC Deal Questioned as Venezuela Woes Worsen

PDVSA at the end of January, was late on nearly 10 million barrels of refined products that it woes Chinese and Russian firms, and shipments have been delayed by as much as 10 months, according to the documents.PDVSA also failed to make timely deliveries of another 3.2 million barrels of crude shipments to China National Petroleum Corporation.Francisco Monaldi, fellow in Latin American energy policy at Baker Institute, noted, "PDVSA is taking a legal risk by postponing cargoes to key customers and a financial risk if it also delays deliveries to customers who pay by cash."A trader who works at a company that regularly buys Venezuelan oil told CNBC, "At this point, everybody is trying to collect pending debts from PDVSA by receiving cargoes, but production is not enough." More…