MIAMI – The widespread blackouts in Venezuela have brought oil exports to a halt, and financial experts say that is costing the cash-strapped country millions of dollars a day.
Russ Dallen is a Miami-based partner at the brokerage firm Caracas Capital Markets Dallen and he said Monday that Venezuela hasn't shipped $358 million in oil since the nationwide power failures hit Thursday evening. He said that "the whole system is grinding to a halt."
Dallen says two large tankers are sitting empty at the Jose offshore oil-loading dock because of the nationwide power failure and at least 19 other ships are waiting their turns there.
The socialist government of President Nicolas Maduro contends the outage was caused by a cyberattack launched from the United States, which seeks to replace him with opposition leader Juan Guaido.