Caracas, February 16, 2023 (venezuelanalysis.com) – Venezuela’s crude output continues last year’s path while exports dropped to their lowest level in seven months as Venezuelan state oil company PDVSA tightens sale contracts. The two firms co-own the gas producer Cardón IV company and each has three joint oil ventures with PDVSA. No official statement has been made by PDVSA or the Venezuelan Oil Ministry regarding the halted exports or the prepayment conditions. Following the 2017 financial sanctions against PDVSA, the US Treasury imposed an oil embargo in 2019 followed by secondary sanctions. The cooperation between the two nations will also see an Iranian shipyard build two tankers for Venezuela’s PDVSA, according to reports.