
Venezuela’s state-run oil company PDVSA is asking some joint ventures to cut back crude production amid an export paralysis, three sources close to the decision said on Sunday, adding pressure to an interim government trying to hang on to power.
Caracas is in political crisis under an interim government after President Nicolas Maduro and his wife were captured by U.S. forces on Saturday. The OPEC country’s oil exports, its main source of revenue, are now at a standstill following a U.S. blockade on tankers under sanctions and the seizure of two oil cargoes last month.
Chevron’s CVX.N cargoes bound for the U.S. had been an exception, continuing to move, because the company has a license from Washington for its operations. But even those have stopped since Thursday, shipping data showed on Sunday.
As part of his announcement of Maduro’s detention and a government transition overseen by the U.S., President Donald Trump said on Saturday that an “oil embargo” on the country was in full force.
PDVSA’s move includes shutting down oilfields or well clusters as stocks stored onshore mount and the company runs out of diluents to blend Venezuela’s heavy crude for shipment.
The requests were made to joint ventures including China National Petroleum Corporation’s (CNPC) Petrolera Sinovensa, Chevron’s Petropiar and Petroboscan and Petromonagas, the sources said. Petromangas, previously operated by PDVSA and Russian state-run Roszarubezhneft, is being run solely by PDVSA.
PDVSA and CNPC did not immediately reply to requests for comment. Chevron said on Sunday it continues to operate “in full compliance with all relevant laws and regulations,” without providing details.
Workers at Sinovensa on Sunday were preparing to disconnect up to 10 well clusters at PDVSA’s request, one of the sources said, after an over-accumulation of extra heavy crude and diluents shortage. However, the wells could be quickly reconnected in the future, the person added.
A portion of Sinovensa’s oil output is typically delivered to China as debt service payment. But two China-flagged supertankers that were approaching Venezuela to load oil stopped at the end of December, LSEG shipping data showed.
On its side, Chevron has not cut product output yet as it has some room to keep storing, particularly at Petropiar, and tankers have not stopped loading. However, its vessels have not left the country’s waters since Thursday and storage capacity is limited at Petroboscan, which could ultimately lead to cuts, another source said.
DOMINO EFFECT
Venezuela’s oil minister Delcy Rodriguez, who is now Venezuela’s interim president, said last month the country would continue producing and exporting oil despite the U.S. measures.
But the U.S. pressure has forced PDVSA to store oil in vessels since late December and slow down cargo deliveries at its main port, Jose. If loaded tankers cannot depart, company executives and experts view production cuts as unavoidable .
No tankers were docked on Sunday at Jose to load either for export or domestic supply, according to TankerTrackers.com.
The company, which in the second half last year ramped up imports of much needed naphtha and light oil to dilute its extra heavy crude output, in December began having problems receiving cargoes from Russia amid the U.S. blockade.
Venezuela’s oil exports averaged about 950,000 barrels per day (bpd) in November, but the U.S. measures knocked them down to around 500,000 bpd last month, according to preliminary figures based on ship movements.
Source: Reuters reported by Marianna Parraga and Reuters Staff. Edited by Julia Symmes-Cobb and Cynthia Osterman
Related News.
September 25, 2026
ISLAND OIL: Unveiling of the Sculpture “Cyprus’s Journey Through the Ages” in Protaras – A Tribute and Landmark to Cyprus’s Historical Memory and Cultural Heritage
In a modest ceremony marked by a moving atmosphere, the sculpture “Cyprus’s Journey Through the Ages”, created by acclaimed Cypriot sculptor…
September 25, 2026
World Maritime Day 2026 from Policy to Practice – powering Maritime Excellence
Global regulations will deliver safer, more resilient shipping when they are implemented worldwide. The international maritime community marks…
September 25, 2026
Diana Shipping announces Time Charter Contract for m/v DSI Polaris with Dai An Ocean Shipping
Diana Shipping , a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that, through a…
September 25, 2026
Chief Economists Expect Global Economy to Stabilize, but Fiscal Constraints, Rising Living Costs and AI Investment Uncertainty Threaten Growth
The global economy is stabilizing, but the fiscal support that cushioned successive shocks since 2020 is unlikely to play the same role in the year…
September 25, 2026
V. welcomes its new graduate cohort as programme expands across the group
Twelve graduates from nine nationalities join 11th year of V.’s expanded international management programme. V., the global ship manager and marine…
September 25, 2026
From Policy to Practice: Why Seafarers Are the Key to Maritime Excellence
The shipping industry is no stranger to regulation. Seafarers and ship operators work within a vast framework of international conventions, national…
September 25, 2026
Intermodal Report – Week 38 2026
Please find below the Intermodal market report for week 38 2026. Intermodal Report Week 38 2026 Market Insight By Nikos Tagoulis, Head of…
September 25, 2026
Allied – Weekly Market Review – Week 38
Please find below the Allied Weekly Report for Week 38 | 2026 ALLIED - Weekly Market Report- Week 38
September 25, 2026
Record year on the Northeast Passage but Arctic shipping remains very limited
In 2025, a record 103 transit voyages were made via the Northeast Passage. However, this is still equivalent to only around a day and a half of…
September 25, 2026
[xclusiv] S&P Report 21th September 2026
Please find below the [xclusiv] latest Weekly S&P Report [xclusiv] 2026_09_21 Market Commentary: VLCCs: Freight Boom Reprices the Fleet The VLCC…
Subscribe to our newsletter!
if you dont want to swim alone in the ocean of news, sign up for the newsletter, and you will receive daily all the important news of world shipping!
Design & Development by P.KAN.DESIGNER
© 2026 Cyprus Shipping News. All rights reserved
Design & Development by P.KAN.DESIGNER
© 2026 Cyprus Shipping News. All rights reserved























