US Distancing Itself From Future Energy Prospects - Venezuelan PDVSA

"Attacking OPEC, trying to divide its members and to give orders through social networks, [the US government] is distancing itself from future energy prospects very much. We want to work together for the common benefit of all countries," Quevedo said as quoted in a PDVSA statement, noting that the US government should join the work to achieve stability of the world oil market.

Last week, oil prices fell just below $67 per barrel after the United States hit another record in oil production by pumping 12 million barrels per day, undermining efforts of other major oil producers, including Saudi Arabia and Russia, at limiting their production to stabilize the market.

US to Announce More Venezuela Sanctions This Week - Special Envoy

26 February 2019, 20:09 GMT

The Venezuelan state-owned oil company PDVSA has felt the impact of Washington's policy itself: in January it was sanctioned by Washington, with the $7 billion in PDVSA's assets being blocked. They also banned the deals with the entity as part of an effort to facilitate a power transfer in Caracas. US Treasury Secretary Steven Mnuchin claimed to reporters that by blocking PDVSA assets the US was taking care of the company "in the interests of the Venezuelan people".

Earlier in the day, speaking about the prospects of the oil market in Venezuela, Total's President of Exploration and Production Arnaud Breuillac noted that full shutdown of the country's oil production was unlikely. The French energy giant announced the evacuation of its staff from Venezuela earlier in February as its accounts have been frozen due to US sanctions. However, Total plans to overcome the sanctions by leading operations not from the United States, but from Europe.