Europe's Energy Crisis Continues To Get Worse. Venezuela Suspends Oil Shipments

FILE PHOTO: An oilfield worker walks next to pipelines at PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. REUTERS/Carlos Garcia Rawlins  

Reuters: Exclusive - PDVSA Pauses Oil-For-Debt Shipments to Europe, Wants Product Swaps 

HOUSTON (Reuters) - Venezuela has suspended new crude shipments to Europe under an oil-for-debt deal and has asked Italy's Eni and Spain's Repsol to provide it with fuel in exchange for future cargoes, three people familiar with the matter said. 

Venezuela's oil company PDVSA no longer is interested in the oil-for-debt deals that the U.S. State Department authorized in May, the sources said, which allowed the state company to resume shipments to Europe after a two-year suspension caused by U.S. sanctions. 

Washington authorized the shipments as long as cargo proceeds were used to pay off accumulated debt PDVSA owed to joint ventures with Eni and Repsol.  

Read more ....  

Update #1: Venezuela Stops Oil Shipments To Europe As Alternatives To Russian Energy Dry Up (Zero Hedge)  

Update #2: PDVSA pauses oil-for-debt shipments to Europe, wants product swaps (Energy World)  

WNU Editor: Here is an easy prediction. Expect oil prices to climb as winter approaches.