Venezuela’s PDVSA starts reversing oil production cuts, Reuters reports

Venezuela’s state-owned energy firm PDVSA has started to reverse oil output cuts made under a strict U.S. oil embargo as crude exports restart under U.S. supervision, Reuters’ Marianna Parraga reports, citing three sources close to operations. The OPEC member’s exports dropped to near zero in the weeks after the U.S. imposed a blockade on oil shipments last month, with only U.S. major Chevron (CVX) export crude from its joint business with PDVSA under U.S. license, the author notes. Publicly traded companies in the oil energy space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE). Publicly traded companies in the drillers and oil services space include Baker Hughes (BKR), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), SLB (SLB), Transocean (RIG) and Weatherford (WFRD).