Venezuela slashes oil exports nearly threefold in early January due to US blockade

Venezuela slashed its oil exports nearly three-fold in early January due to a US blockade, which led to production halts at a number of projects, according to a report by the International Energy Agency (IEA).

Following the US maritime blockade, oil shipments dropped sharply: according to preliminary data from Kpler, from 880,000 barrels per day in December to around 300,000 barrels per day in early January, the report said. With no export outlets available, inventories in the country continue to build, forcing the partial shutdown of production, the IEA added.

Preliminary estimates indicated that output was cut by 30,000 barrels per day, to 870,000 barrels per day.