Venezuela's Oil Revival: Crude Exports Resume Amid US Sanctions

Venezuela's state oil company, amid U.S. sanctions, has restarted some wells alongside its partners. This move comes as crude exports resume with two shipments already departed. Previously, oil exports had largely stalled since December, with Chevron being the primary exporter under specific U.S. authorization.

Venezuela's state oil enterprise has initiated the reopening of several oil wells in collaboration with its joint venture partners. This development follows a prolonged halt resulting from stringent U.S. sanctions, according to insiders familiar with the operations.

The Organization of the Petroleum Exporting Countries (OPEC) member nation's oil exports had been effectively immobilized since December. The exports had slowed to a trickle, primarily managed by U.S. company Chevron. Chevron operated under a specific authorization that allowed it to export crude oil from its joint ventures in the country.

With crude shipments resuming, the action represents a significant shift from recent months when millions of barrels were left languishing in storage tanks and ships. The move marks a potential turning point in Venezuela's ability to maneuver under the constraints of international sanctions.

(With inputs from agencies.)