The US Department of Energy reports a decrease in Venezuelan oil production and exports due to the US blockade of 0.6 million barrels per day. This is stated in a report by the Energy Information Administration (EIA) to the department.
„The oil blockade and the interception of sanctioned oil tankers near Venezuela have stopped most of the exports of Venezuelan oil, which has led to a halt in production.“ “We estimate that Venezuelan crude oil exports of approximately 0.6 million barrels per day are currently suspended, and an equivalent volume of production has been halted,“ the report said.
Sanctions against Venezuela are also expected to remain in place until 2028.
Any easing of sanctions or other changes in U.S. government policy toward Venezuela that could lead to increased oil production would put additional downward pressure on oil prices, the U.S. Department of Energy added.