CARACAS, January 3, 2026, 09:52 ET
- PDVSA production and refining were running normally after a U.S. strike to seize Maduro, two sources said. 1
- La Guaira port near Caracas was badly damaged, but it is not used for oil exports, one source said. 1
- A U.S. tanker blockade and the seizure of two oil cargoes in December have already cut Venezuela’s exports sharply. 1
Venezuela’s state oil company Petroleos de Venezuela SA (PDVSA) kept production and refining running on Saturday and saw no damage to its key facilities after a U.S. strike aimed at capturing President Nicolas Maduro, two people with knowledge of the operations said. 1
The status of PDVSA’s infrastructure matters for oil markets because Venezuela is a member of OPEC, the oil-producing group, and its exports have already been squeezed by U.S. pressure. A U.S. blockade on oil tankers and the seizure of two Venezuelan cargoes cut exports last month to about half of the 950,000 barrels per day (bpd) the country shipped in November, according to monitoring data and internal documents. 1
Trump said U.S. forces captured Maduro after months of pressuring him over allegations of drug trafficking and illegitimate rule, according to Reuters reporting on the operation. It was unclear whether Washington would now stand back while other senior figures in the ruling party fill the void or push for their ouster. 2
One of the sources said the port of La Guaira near Caracas suffered severe damage. The port is one of the country’s largest, but it is not used for oil exports. 1
Trump in December announced a blockade of oil tankers entering or leaving Venezuela, and the United States seized two cargoes of Venezuelan oil. The restrictions prompted many vessel owners to divert away from Venezuelan waters, rapidly increasing PDVSA’s inventories of crude and fuel. 1
PDVSA has slowed deliveries at ports and stored oil on tankers to avoid cutbacks to crude output or refinery runs, the sources said. 1
PDVSA’s administrative system, which tracks internal processes tied to operations and logistics, has not fully recovered from a cyberattack in December, the sources said. The incident forced the company to isolate terminals, oilfields and refineries from its central system and rely on written records to keep crude and fuel moving. 1
Explosions rocked Caracas around 2 a.m. on Saturday, with aircraft and black smoke seen for about 90 minutes, according to Reuters reporting. The Venezuelan government said attacks also took place in the states of Miranda, Aragua and La Guaira. 2
Venezuela’s ruling movement said civilians and military personnel died in the strikes but did not give figures. Vice President Delcy Rodriguez said she did not know Maduro’s whereabouts and demanded proof of life, Reuters reported. 2
MST Marquee analyst Saul Kavonic said “oil prices were likely to jump on the near-term risk to supply” even as he flagged the possibility of a softer market later if sanctions are lifted and foreign investment returns. 2
Trump said he would provide more details at an 11 a.m. press conference at his Mar-a-Lago resort in Florida. For now, PDVSA’s oil output and refining operations were continuing normally, the sources said, even as exports remain constrained by U.S. measures and shipping disruptions.
