Venezuela’s state oil company has started reopening some wells previously shut due to a U.S. embargo, allowing crude exports to resume with two shipments recently departing.
Since December, oil exports had been nearly stagnant, primarily due to constraints on operations, resulting in millions of barrels stuck in storage. Crude output dropped to approximately 880,000 barrels per day (bpd) last week, down from 1.16 million bpd in late November, with the Orinoco Belt experiencing a significant decline.
However, two supertankers left Venezuelan waters carrying about 1.8 million barrels each, potentially marking the first shipments of a larger 50-million-barrel supply agreement between Caracas and Washington. The vessels are heading to the Caribbean.
With information from Reuters
