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: 06.08.2026 Expectation: 800 pips
Selling S&P 500 Index with 7,250 target amid rising bearish pressure
Today at 11:31 AM 7
Period: 31.08.2026 Expectation: 1500 pips
EURUSD sell-off targets 1.1300
Today at 11:14 AM 6
Brent neutral
Period: 31.08.2026 Expectation: 250 pips
Go long on Brent crude with $95 in sight
Today at 11:14 AM 9
Period: 30.08.2026 Expectation: 1500 pips
Invest in USDJPY up to 165.00
Today at 09:33 AM 7
Gold buy
Period: 06.08.2026 Expectation: 160 pips
Invest in gold as Fed keeps rates unchanged
Today at 08:24 AM 14
Period: 06.08.2026 Expectation: 150 pips
Buy ETHUSD with $2,050 in sight amid steady demand
Today at 07:07 AM 13
Go to forecasts