Venezuelan oil exports fell by 17% in May compared to April, due to the difficulty to sell barrels of heavy crude oil that US refiners used to buy and process before the sanctions imposed on the Nicolás Maduro government, reported Reuters.
Soldiers oversaw rationing of gasoline at service stations in several parts of Venezuela on Sunday as worsening fuel shortages forced angry drivers to wait for hours to fill their tanks, prompting protests in some areas.
Drivers queued for hours in towns across Venezuela on Friday as fuel shortages worsened in the country following a plunge in gasoline imports and a stoppage at the nation's second-largest oil refinery.
Venezuela's opposition-controlled National Assembly expects to vote on making a US$71 million bond interest payment when it meets next week, a lawmaker and a member of state-run oil company PDVSA's ad-hoc board of directors said.
Spain’s Repsol has suspended its swaps of refined products for crude with Venezuela’s state-run oil company PDVSA, as U.S. officials weigh penalties for foreign firms doing business with Venezuela.
Venezuela's state-run PDVSA has shipped one million barrels of oil to Cuba days after the United States imposed fresh sanctions on vessels and firms involved in exports to the island in an effort to halt oil trade between the political allies, according to a PDVSA document and tanker tracking data.
Venezuela will “fulfill its commitments” to Cuba despite United States sanctions targeting oil shipments from Maracaibo to its ideological ally, Foreign Minister Jorge Arreaza said on Monday.
US Vice President Mike Pence announced sanctions on Friday on 34 vessels of Venezuela's state oil company and two companies that ship crude to Cuba as Washington pushes to oust President Nicolas Maduro.
A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a challenge for global oil markets. The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling sharply in the midst of an electricity crisis which has paralyzed the country recently.
Venezuelan Vice President Delcy Rodriguez announced at a press conference with Russian Foreign Minister Sergey Lavrov that the central office of state oil company PDVSA in Europe, located in Lisbon, will move to Moscow to guarantee the security of the country's assets abroad, which were delivered to the Venezuelan Parliament in other countries.