18 January 2023 | Other

Venezuela suspends oil exports to review contracts

The new head of Venezuela's state oil company PDVSA has decided to suspend most export contracts in order to review them. According to him, this decision will help to avoid payment defaults.

The heads of the company's divisions were notified by PDVSA's new Chief Executive Pedro Rafael Tellechea. The term of the suspension wasn’t clarified. 

The U.S. introduced sanctions against PDVSA in 2019. Since then, the company has exported oil through middlemen and, as a result, has faced some problems with payments.

The suspension of export contracts affected a number of little-known companies, which shipped PDVSA oil to Asian plants. However, these measures did not influence cargoes that were insured by the American oil company Chevron Corp and Cuba’s Cubametales.

At present, most berths at Jose port, Venezuela's main oil terminal, are now deserted. More than ten ships are awaiting further instructions. Transfers at other terminals have been suspended as well. Some clients also have received the company’s demand to pay in full before the cargo delivery.

Company MarketCheese
Period: 13.09.2026 Expectation: 150 pips
Selling ETHUSD down to $1,750
Today at 10:45 AM 15
Gold buy
Period: 30.09.2026 Expectation: 46000 pips
Going long on gold amid slowdown in US inflation
Today at 10:33 AM 17
Period: 31.10.2026 Expectation: 1100 pips
Invest in EURUSD up to 1.16400
Today at 10:33 AM 14
Period: 13.09.2026 Expectation: 250 pips
Buying S&P 500 with 8,000 target
Today at 08:35 AM 27
Period: 26.08.2026 Expectation: 1850 pips
EURUSD sell-off targets 1.13500
Yesterday at 11:12 AM 37
Period: 31.08.2026 Expectation: 800 pips
Selling EURUSD on high US inflation readings
Yesterday at 09:37 AM 28
Go to forecasts