Venezuela Suspends 19 Oil Contracts Signed Under Maduro for Review

• Venezuela's oil ministry suspended 19 production-sharing contracts with private companies signed during President Nicolas Maduro's administration.
• The suspension has not yet impacted the country's oil and gas output; state oil giant PDVSA is selling the crude produced under these contracts.
• Caracas and Washington are reviewing the contracts and the credentials of the companies involved, some of which are little-known and signed deals under U.S. sanctions.
• Contracts include projects in Lake Maracaibo, Orinoco Belt, and mature oilfields, with companies from China, U.S., South America, and tax haven countries.
• The U.S. captured Maduro in January, taking control of Venezuela's oil exports, and the Venezuelan National Assembly reformed hydrocarbon law to facilitate foreign investment.