HOUSTON, (Reuters) – Venezuela’s state-run oil company PDVSA has accumulated $21.2 billion in accounts receivable, according to documents viewed by Reuters, after turning to dozens of little known intermediaries three years ago to export its oil under U.S. sanctions.
The internal disclosure of the enormous amount of unpaid sales – about 84% of PDVSA’s total value of invoiced shipments – reveals for the first time the depths of revenue losses due to the withdrawal of established oil company buyers since 2020.