The vessels which would jointly export some 5.7 million barrels of Venezuelan heavy crude to Asia had been waiting for loading near Venezuelan waters for weeks, but this week the cargoes were canceled due to sanctions on PDVSA and Rosneft's trading units, according to an export plan from PDVSA.
After weeks of significant oil price falls in the midst of weakening demand, oil producers are finding supply storage tanks, with some choosing to use vessels as floating storage.
The step by the tankers took place on the same day that Rosneft declared its withdrawal from its oil projects in Venezuela via a coordinated sale of assets to an unspecified Russia-controlled company.
Maritime Business World