Venezuela Oil Exports Climb As OPEC Agreement Kicks In

While OPEC begins to scale back oil production to offset at least partially some of the world’s excess oil supply, Venezuela was busy ramping up its oil exports—even in the face of US sanctions and Rosneft pulling the plug on its dealings with PDVSA. After the United States sanctioned two Rosneft subsidiaries for propping up the Maduro regime by reselling oil and oil products from Venezuela to other markets including Asia, Rosneft pulled back, sending Venezuela’s March oil exports to lows not seen since mid-2019. But in April,…