Venezuela Halts Oil Exports

By Marianna Parraga (Reuters) – The new head of Venezuela’s state oil company PDVSA has suspended most oil export contracts while his team reviews them in a move to avoid payment defaults, according to an internal document seen by Reuters and people familiar with the matter.

Since U.S. trading sanctions were first imposed on PDVSA in 2019, the company has increasingly resorted to little-known middlemen to allocate its oil exports, leading to big price discounts and problems with payments affecting its cashflow.


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