The complex political situation in Venezuela could harm new investments and will likely keep big oil on the sidelines while the new Venezuelan oil power players emerge.

Crude output in Venezuela could increase up to half a million barrels per day in the next two years if Venezuela is politically stable and U.S. companies invest there, oil analysts said following the U.

PDVSA initiated the cuts after limited storage capacity and an export-disrupting blockade squeezed operations.

Venezuela’s PDVSA has begun curbing crude production as storage capacity fills up following a U.S. blockade that has halted the country’s oil exports, Reuters reported Sunday, citing sources familiar with operations.

Jan 4 (Reuters) - Venezuela's state-run oil company PDVSA has begun cutting crude production because it is running out of storage capacity due to an ongoing U.S. oil blockade that has reduced exports to zero, piling more pressure on an interim government trying to hang on to power in the face of U.S. threats of more military action.

A worker of the Venezuelan state oil company PDVSA in May 2020 looks at the Iranian-flagged oil tanker Fortune as it docks at the El Palito refinery in Puerto Cabello, Venezuela.

International stock markets were at or close to record highs Tuesday and oil prices eased after Monday’s volatile session in the wake of the ouster of Venezuela’s Nicolas Maduro.