In recent developments from Venezuela, the state-run oil company, Petróleos de Venezuela, S.A. (PDVSA), is facing a significant challenge as it scales back oil production. The reason? A shortage of storage capacity compounded by U.S. sanctions, which have severely limited the country’s ability to export its oil.

These restrictions, imposed during the Trump administration, seem to validate earlier predictions made by U.S. political figures. Notably, Senator Marco Rubio, while speaking on ABC News’ “This Week” with George Stephanopoulos, foresaw such a scenario unfolding.

Rubio’s remarks underscored the ongoing turmoil in Venezuela, which he described as being far from having a legitimate interim government. Contrary to some reports, Venezuela remains under the control of what many view as a dictatorial regime. The anticipated change in leadership, possibly following the 2024 elections with candidate Edmundo González Urrutia, is yet to materialize. Until then, the remnants of Nicolás Maduro’s government continue to hold power, using tactics often associated with authoritarian rule.

As the situation stands, any negotiations with figures from the Maduro era are considered untenable.

Chevron’s cargoes bound for the US had been an exception, continuing to move, because the company has a license from Washington for its operations. But even those have stopped since Thursday, shipping data showed on Sunday.

There are a couple of things to note in all this; first of all, Secretary of State Marco Rubio may well be raising his fist and shouting, “Called it!” Earlier on Sunday, we saw the Secretary speaking with ABC News’ This Week anchor George Stephanopoulos, and the Secretary predicted precisely this:

The Secretary said:

We started using (leverage over Venezuela’s oil trade) already. You can see where they are running out of storage capacity.

Here’s the other thing: Venezuela is not, as the Post piece puts it, “…in political crisis under an interim government.” There is no interim government; not yet, at any rate. There won’t be until, ideally, the actual winner of Venezuela’s 2024 election, Edmundo González Urrutia, assumes the office – or until new elections are held, and this time, hopefully, honest elections. What remains in Caracas is not and never will be a legitimate interim government. It is the remnants of a dictatorial regime that remained in power by force and by fraud, the old tools of dictators everywhere. 

There can be no deals made with anyone left over from the Maduro regime.

So, the oil taps in Venezuela are, for the time being, closing.

As part of his announcement of Maduro’s detention and a government transition overseen by the US, President Trump said on Saturday that an “oil embargo” on the country was in full force.

PDVSA’s move includes shutting down oilfields or well clusters as onshore stocks mount and the company runs out of diluents to blend Venezuela’s heavy crude for shipment.

The company requested output cuts to joint ventures including China National Petroleum Corp.’s Petrolera Sinovensa, Chevron’s Petropiar and Petroboscan and Petromonagas, the sources said. Petromangas, previously operated by PDVSA and Russian state-run Roszarubezhneft, is being run solely by PDVSA.

So, while ousting an illegal regime from a South American country, the Trump administration has managed to stick a thumb in Russia’s and China’s eyes as well, and that’s worth doing.

What we can really hope to come out of all this is that whoever takes over once the remnants of Maduro’s junta are removed from power is that all of Venezuela’s oil and gas industry should once more be private-sector operations. The PDVSA is a product of the Venezuelan government, before even Hugo Chavez, formed after the Venezuelan oil and gas industry was officially nationalized in 1976 under then-president Carlos Andrés Pérez, better known as El Gocho,or “The Pig.” Draw what conclusions you like from that. That’s a mistake that can and should be remedied as one of the first acts of a new government.

Finally, there’s this:

PDVSA and CNPC did not immediately reply to requests for comment.

You don’t say.

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