The Last Link: Terminals, Tankers and the Export Ceiling on Venezuela's Recovery

Terminals, tankers, insurance and destination markets: the export ceiling on Venezuela's recovery. Nine parts on the plateau at 1.1 to 1.25 million barrels a day, the thirty-day queue at Jose, the diluent round trip that consumes the same berths, the shift from the dark fleet to a licensed fleet, the marketing architecture in which terminal slots are the new reserves, destination markets after the Iran war, and the covenant, definition and levy terms a restructuring needs if the export chain is not to be where creditor value leaks away.