Oil on the Brink: Venezuela's Struggle Amid U.S. Blockade and Cyberattack

Venezuela's PDVSA resumes oil loading post-cyberattack amidst U.S. blockade threats. Crude exports drop, with over 9 million barrels stranded due to shipping interruptions. Despite tensions, Chevron continues operations as more tankers face sanctions. Russia's naphtha shipments halted, highlighting geopolitical impacts on Venezuela's vast oil reserves.

Venezuela's state oil corporation, PDVSA, has restarted loading crude oil and fuel after cyberattack-induced suspensions, though the U.S. blockade threat weighs heavily on exports. Most shipments remain stalled as fears of vessel seizures loom, particularly for China-bound deliveries.

Amidst escalating tensions, Chevron, a key U.S. oil player, maintained its operations in Venezuela due to special authorization. Nonetheless, many oil tankers, especially those under sanctions, remain confined in Venezuelan waters. The geopolitical strains are evident as Russia's naphtha shipments to Venezuela face disruption.

In retaliation, Venezuela condemned the U.S. blockade as unlawful, accusing it of undermining international trade and plotting to control its oil wealth. The situation remains volatile, with tanker movement heavily monitored and crucial oil exports at risk.

(With inputs from agencies.)