US EditionPublished • loading... • Updated
Venezuela moves to cut oil output due to US export embargo
PDVSA cut production after exports fell below 500,000 barrels per day due to US sanctions, causing storage to exceed 45% capacity and forcing use of tankers for floating storage.
- On January 5, 2026, Venezuela's state-run oil company PDVSA began cutting crude production as exports fell to zero under a U.S. oil blockade, adding pressure on Venezuela's interim government amid political crisis after President Nicolas Maduro's capture.
- President Donald Trump announced on Saturday that an `oil embargo` was in full force, while ship-movement data show exports fell from 950,000 to around 500,000 barrels per day last month.
- PDVSA asked joint ventures including China National Petroleum Corporation's Petrolera Sinovensa and Chevron's Petropiar, Petroboscan and Petromonagas to cut output, with Sinovensa workers preparing to disconnect up to 10 well clusters amid diluent shortages.
- After filling more than 45% of its 48-million-barrel onshore capacity, PDVSA began loading tankers as floating storage two weeks ago, and TankerTrackers.com shows more than 17 million barrels in ships waiting at the Port of Jose with no tankers docked Sunday.
- Operationally, PDVSA is still recovering from a December cyberattack and faces problems receiving cargoes from Russia, while Chevron continues limited operations under a U.S. license.
Insights by Ground AI
Podcasts & Opinions
28 Articles
28 Articles
U.S. Oil Blockade Forces Venezuela's PDVSA to Slash Production
Venezuela’s state oil firm PDVSA has started reducing oil production and has asked its joint ventures, including those with Chevron, to also cut output, as storage space is running out amid the U.S. naval blockade and oil export embargo. PDVSA has asked Petrolera Sinovensa, its joint venture with China National Petroleum Corporation (CNPC), as well as its joint ventures with Chevron – Petropiar and Petroboscan, to reduce production via shuttin…
·London, United Kingdom
Read Full Article
Venezuela cuts crude output as US oil blockade fills storage, halts exports: Report
Venezuela has begun cutting crude oil production as a sweeping US oil blockade chokes storage capacity and reduces exports to zero, deepening political and economic pressure on Caracas amid rising global supply concerns.
·New Delhi, India
Read Full Article
Coverage Details
Total News Sources28
Leaning Left3Leaning Right6Center5Last UpdatedBias Distribution43% Right
Bias Distribution
- 43% of the sources lean Right
43% Right
L 21%
C 36%
R 43%
Factuality
To view factuality data please Upgrade to Premium
