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: 03.01.2025 Expectation: 1600 pips
Bank of Japan is unlikely to intervene until USDJPY falls below 160
Today at 11:22 AM 4
Period: 02.01.2025 Expectation: 390 pips
Natural gas is still on bullish run with target of 3.790
Today at 09:49 AM 8
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Metals"
2nd in the segments "Currencies" and "Oil and gas"
Period: 31.12.2024 Expectation: 2380 pips
EURUSD consolidates with bearish bias as Euro weakens
Yesterday at 09:43 AM 43
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Metals"
2nd in the segments "Currencies" and "Oil and gas"
Period: 25.12.2024 Expectation: 6000 pips
Selling USDJPY to 151.230
Yesterday at 08:22 AM 25
Period: 31.12.2024 Expectation: 1000 pips
USDCAD may reach 1.427 as correction unfolds
Yesterday at 07:03 AM 16
Period: 02.01.2025 Expectation: 2955 pips
GBPUSD heads for 1.2240 on weak UK data
24 December 2024 44
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segments "Currencies", "Crypto" and "Oil and gas"
Go to forecasts