Jan 4 (Reuters) - Venezuela's state-run oil company
PDVSA is asking some joint ventures to cut back crude production
amid an export paralysis, three sources close to the decision
said on Sunday, adding pressure to an interim government trying
to hang on to power.
The moves include shutting down oilfields or well clusters
as stocks stored onshore mount and the company runs out of
diluents to blend Venezuela's heavy crude for shipment.
Caracas is in political crisis under an interim
government after President Nicolas Maduro and his wife were
extracted by U.S. forces on Saturday. The OPEC country's oil
exports, its main source of revenue, have been at a standstill
following a U.S. blockade on tankers under sanctions and the
seizure of two oil cargoes last month.
Chevron's ( CVX ) cargoes bound for the U.S. had been an
exception, continuing to move, because the company has a license
from Washington for its operations. But since Thursday, even
those have stopped, shipping data showed on Sunday.
As part of his announcement of Maduro's detention and a
transition overseen by the U.S., President Donald Trump said on
Saturday that an "oil embargo" on the country was in full force.
PDVSA's request to reduce oil production was made to
joint ventures including China National Petroleum Corporation's
(CNPC) Petrolera Sinovensa, Chevron's ( CVX ) Petropiar and Petroboscan
and Petromonagas, the sources said. Petromangas, previously
operated by PDVSA and Russian state-run Roszarubezhneft, is
being run solely by PDVSA.
PDVSA and CNPC did not immediately reply to requests for
comment. Chevron ( CVX ) said on Sunday it continues to operate "in full
compliance with all relevant laws and regulations," without
providing details.
Workers at Sinovensa on Sunday were preparing to
disconnect up to 10 well clusters, one of the sources said, due
to a PDVSA request after an over-accumulation of extra heavy
crude and diluents shortage. However, the wells could be
quickly reconnected in the future, the person added.
On its side, Chevron ( CVX ) has not cut product output yet as
it has some room to keep storing, particularly at Petropiar, and
tankers have not stopped loading. However, its vessels have not
left the country's waters in recent days and storage capacity is
limited at Petroboscan, which could ultimately lead to cuts,
another source said.
Venezuela's oil minister Delcy Rodriguez, who is now
Venezuela's interim president, said last month the country would
continue producing and exporting oil despite the U.S. measures