Venezuela has begun shutting down oil wells due to the US blockade.
Elchi.az reports with reference to Bloomberg that this step was a “last resort” against the background of operational difficulties and high costs.
According to sources of the agency, the state-owned Petróleos de Venezuela (PDVSA) company began to close wells in the Orinoco oil belt on December 28. The reason was the excessive storage capacity at state-owned refineries and a sharp increase in raw material reserves.
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