Venezuela Oil Update: PDVSA Cuts Output as U.S. Embargo Chokes Exports; Brent Near $60
PDVSA has begun shutting oilfields and curbing output after a U.S. tanker blockade halted Venezuelan crude exports, sources said. Over 17 million barrels are now stored offshore, with Chevron cargoes stuck since Thursday. Brent crude slipped 0.4% to $60.54 a barrel. Chevron and Exxon shares rose as investors assessed possible sanctions relief.