Venezuela Starts Cutting Oil Production Amid U.S. Blockade
Market Intelligence Analysis
AI-PoweredVenezuela has started reducing oil production due to a US blockade, which is affecting crude shipments and storage capacity. This move will impact about 15% of the country's total oil production. The decision is aimed at managing storage space and shipments.
Market impact analysis based on bearish sentiment with 80% confidence.
Article Context
Venezuela has begun shutting wells that pump extra-heavy crude in the Orinoco Belt, as the U.S. blockade is squeezing shipments and filling up storage space, sources with knowledge of the plans of state oil firm PDVSA told Bloomberg. PDVSA, the key handler of Venezuela’s crude exports, mostly to China, began disabling producing wells in the Orinoco Belt two days ago, following a decision taken on December 23, according to Bloomberg’s anonymous sources. The state oil firm will look to shut in about 15% of Venezuela’s total…
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