14:35 - 14.01.2026
January 14, Fineko/abc.az. PDVSA starts to cancel production cuts imposed due to the US embargo.
ABC.AZ reports that after the U.S. imposed an oil embargo in December, Venezuela's exports almost stopped. Only Chevron continued to export oil from its joint ventures with PDVSA under license from the U.S.
PDVSA has now instructed the joint ventures to resume production at the shut down well clusters after a third oil tanker sailed off the coast of the country the day before.
Two supertankers, each with about 1.8 million barrels of oil, left the territorial waters of Venezuela on the evening of January 12. Reuters suggests that these may be the first shipments under a 50 million barrel agreement between Caracas and Washington aimed at resuming exports after the U.S. seized Venezuelan President Nicolas Maduro.
However, the parties have not yet made official statements regarding the resumption of exports, as well as the PDVSA agreement with the U.S.
