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Story summary
- PDVSA has started cutting crude production due to storage constraints amid a U.S. oil blockade.
- The blockade has halted oil exports, reducing revenue for the interim government.
- Following the capture of President Nicolas Maduro, the U.S. has intensified sanctions, stopping oil shipments.
- PDVSA is shutting down oilfields and seeking output cuts from joint ventures, including China National Petroleum Corporation and Chevron.
