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yesterday

PDVSA Begins Well Shut-Ins as U.S. Sets Venezuela Transition, Oil Slips About 1%

Analysts say near-term price effects should be modest given Venezuela’s small current output.

FILE PHOTO: Oilfield workers hold a flag with the corporate logo of Venezuela's state oil company PDVSA, in a drilling rig at an oil well operated by them, in the oil rich Orinoco belt, near Cabrutica at the state of Anzoategui April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
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Overview

  • President Donald Trump said the United States will temporarily administer Venezuela and invite major U.S. oil companies to invest billions to rebuild the damaged energy sector.
  • Early Monday trading showed a roughly 1% drop in benchmarks, with Brent near $60.37 a barrel and WTI around $56.92, reflecting a restrained initial market reaction.
  • PDVSA has started closing groups of wells and cutting output because storage is filling and diluents are scarce after U.S. actions disrupted exports, with joint ventures instructed to curb production.
  • OPEC+ is preparing emergency discussions as traders watch for any coordinated response to Venezuelan supply disruptions and broader 2026 oversupply forecasts.
  • Venezuela holds about 303 billion barrels of proven reserves but produces roughly 1.1 million barrels per day, and experts say restoring significant output would take years despite potential new investment.