(Reuters) – Venezuela’s state-run company oil company, PDVSA, hit by U.S. sanctions on Monday, ordered customers with tankers waiting to load Venezuelan crude bound for the United States to pay for the cargoes before they depart, three sources with knowledge of the decision told Reuters.
U.S. President Donald Trump’s administration, in a move aimed at limiting embattled President Nicolas Maduro’s access to oil revenues, stopped PDVSA from collecting the proceeds of oil exported to U.S. customers, while freezing assets of PDVSA’s units, including U.S. refining arm Citgo Petroleum Corp.
Maduro, whose authority is being challenged by the self-proclaimed president and head of the congress, Juan Guaido, said earlier his government would start legal action to protect Citgo. He did not mention if PDVSA planned changes to its exports. Read more at Reuters