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Sources say that the residuum fuel in Venezuelan tanks is almost non-existent as exports are nearly paralyzed.

Four sources claim that the accumulation of fuel in Venezuela's onshore tank stores is forcing the state-owned PDVSA company to take 'extreme measures' to avoid shutting down?refining facilities. Meanwhile, a U.S. ban on sanctioned tanks entering and leaving the country has almost paralyzed exports.

Venezuela produces a lot of residual fuels, mainly high-sulfur oil. These are exported to Asia.

According to shipping and company documents, the U.S. Blockade has cut down on?those shipments?to a minimum over the past two weeks.

PDVSA, as part of its floating storage strategy, has stored crude oil and fuel oil on tankers after topping up the tanks on land almost entirely. One source said that the company has a limited capacity because it already has 25 million barrels of residuals in storage.

PDVSA is now trying to ?reopen idled tanks and has ?begun sending residual fuel to oil waste pools in the country's western ?region, an extreme solution to avoid shutdowns of operational units at the country's 955,000-barrel-per-day Paraguana Refining Center, another source said.

(source: Reuters)