Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, reports say

Venezuela has announced the suspension of 19 oil and gas production-sharing contracts that were established during Nicolás Maduro's tenure. Despite this significant decision, sources indicate that the suspension has not yet affected the nation’s overall oil and gas output. The state-owned oil company, PDVSA, continues to sell crude oil produced under these contracts, even while they remain inactive. This move comes amid ongoing challenges in the Venezuelan energy sector, which has been grappling with international sanctions and economic turmoil. The government’s actions reflect a shift in its approach to managing oil resources and contracts, which are vital for Venezuela’s economy, heavily reliant on oil exports. While immediate operations are unaffected, the long-term implications of these suspensions on foreign investments and production levels remain to be seen, as the country navigates a complex geopolitical landscape and seeks to revive its ailing oil industry.