Latest News

Venezuela's PDVSA will cut office hours when the power crisis worsens

An internal document obtained by revealed that the Venezuelan state-run PDVSA would cut its office hours. This was in response to an order from the government, which was issued amid an intensifying power crisis, to conserve energy.

On Sunday, the administration of Nicolas Maduro declared that all government offices will reduce their working hours by half due to longer power outages in certain regions caused by reduced hydroelectric generation and lack of fuel for thermoelectric plants.

PDVSA, as part of the plan by the government, told its employees on Friday that they should work in administrative offices only three days a week, and from home for the rest until further notice. This was to reduce power consumption.

The document states that "We order vice presidents, executive divisions, and administrative offices to implement energy savings plan in a coordinated and progressive manner." It adds that the operational areas for producing oil and gas as well as refineries and trading will not be affected.

South America, which has experienced severe fuel shortages and power crises in recent decades, is preparing for more severe episodes.

Measures to be taken

United States

Secondary sanctions are imposed upon the imposition

Tariffs

This week, importers of Venezuelan crude oil will be contacted.

(source: Reuters)