Venezuelan Oil Supply Deal: A Slow Progress

The export of Venezuelan oil under a $2 billion deal with the U.S. has reached 7.8 million barrels as of Wednesday. Monitoring data and PDVSA documents highlight slow shipments, hindering the state company's ability to fully reverse previous production cuts.

The Venezuelan oil export under a $2 billion deal with the United States has reached 7.8 million barrels as of Wednesday, according to vessel monitoring data and documents from PDVSA. The slow pace of shipments is affecting the state oil company's ability to reverse production cuts.

The data revealed that the agreement's progress is hampered by logistical challenges, which raises concerns about meeting future supply targets. The $2 billion supply deal was intended to bolster the nation's struggling economy by ramping up oil production.

Despite the ambitious goals, the shipment delays reflect ongoing hurdles in Venezuela's oil industry, highlighting issues that have plagued the sector, including infrastructure deficiencies and geopolitical challenges.

(With inputs from agencies.)