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Venezuela Suspends Oil Exports

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Venezuela’s PDVSA has suspended most of its crude oil exports for a review of the contractual terms that will be conducted under the new head of the company. The review aims to make sure there will be no payment defaults, Reuters reports, noting that since the imposition of U.S. sanctions on the trade in Venezuelan, PDVSA has had to resort to middlemen to market its oil and this has created complications with payments. Sanctions on Venezuelan oil trade were introduced in 2019 by the Trump administration, and the Biden administration’s…

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