Venezuela Starts Shutting Oil Wells

“Venezuela started shutting wells in a region that holds the world’s largest deposits of oil in the face of a blockade by the Trump administration meant to financially squeeze the nation,” Bloomberg reports.

“The decision signals a reality check for Venezuelan President Nicolas Maduro, who throughout the blockade has attempted to maintain exports that are at the core of the South American country’s economy. Disabling wells is seen as a last resort because of the operational challenges and high costs to restart.”