Venezuela has suspended 19 oil and gas production-sharing contracts signed under the Maduro government, according to sources familiar with the matter. The move represents a significant shift in the country's energy policy and could impact foreign investment in Venezuela's struggling oil sector. The contracts, which were established during Maduro's tenure, are now under review.

This suspension comes amid Venezuela's ongoing economic crisis and declining oil production, which has fallen from about 3.5 million barrels per day in 1998 to under 700,000 barrels per day in recent years. The country's oil industry has been plagued by underinvestment, U.S. sanctions, and mismanagement. The decision to suspend these contracts may signal a broader restructuring of Venezuela's energy sector under current leadership.

The suspension of these contracts could have far-reaching implications for international oil companies operating in Venezuela. Many firms had invested heavily in joint ventures with Venezuela's state oil company PDVSA, hoping to tap into the country's vast oil reserves. This development may force companies to reassess their positions and potentially seek compensation for their investments, further complicating Venezuela's efforts to revitalize its crucial oil industry.