Venezuela Has Gone To Extreme Measures Because Of The US Oil Blockade

The Maduro regime has begun shutting down oil wells.

Venezuela has begun shutting down its oil wells due to the US blockade. The move was a "last resort" amid operational difficulties and high costs, Bloomberg reported, citing sources.

According to the agency's interlocutors, state-owned Petroleos de Venezuela (PDVSA) began shutting down wells in the Orinoco Oil Belt on December 28. The reason was the overflow of storage capacity at state-owned refining facilities and a sharp increase in crude stockpiles.

It is expected that the reduction will amount to about 15% of the total oil production in the country, which currently reaches 1.1 million barrels per day. As the agency notes, China remains the main buyer of Venezuelan oil.

On December 23, US President Donald Trump announced his intention to seize both the oil aboard Venezuelan tankers intercepted in international waters and the vessels themselves.

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