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Venezuela Suspends Oil Contracts Amid Investment Reforms

2/27/2026

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Summary

Story summary

Venezuela's oil ministry suspended 19 oil production-sharing contracts signed under President Nicolas Maduro.
The suspension has not reduced output because PDVSA continues to sell crude produced under these contracts.
Venezuela's National Assembly reformed its hydrocarbon law to attract foreign investment, allowing six months for contract reviews.
The U.S. Treasury has issued licenses for companies to trade Venezuelan oil.

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Story summary

Venezuela's oil ministry suspended 19 oil production-sharing contracts signed under President Nicolas Maduro.
The suspension has not reduced output because PDVSA continues to sell crude produced under these contracts.
Venezuela's National Assembly reformed its hydrocarbon law to attract foreign investment, allowing six months for contract reviews.
The U.S. Treasury has issued licenses for companies to trade Venezuelan oil.