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: 30.04.2026 Expectation: 1150 pips
Selling USDJPY down to 158.500 as resistance looms
Today at 10:16 AM 23
Period: 07.05.2026 Expectation: 110 pips
Selling S&P 500 down to 7,000
Today at 10:16 AM 20
Period: 07.05.2026 Expectation: 200 pips
Investing in ETHUSD with $2,550 target
Today at 09:43 AM 27
Gold sell
Period: 30.04.2026 Expectation: 8000 pips
Gold sell-off targets $4,620 amid weaker geopolitical premium and Fed hawkish stance
Today at 06:32 AM 40
Period: 31.05.2026 Expectation: 300 pips
Investing in GBPUSD from 1.3500 support
Today at 06:11 AM 21
Period: 30.04.2026 Expectation: 250 pips
Buying AUDCAD up to 0.9815
Today at 06:11 AM 15
Go to forecasts