Foreign energy companies are facing a legal minefield dealing with PdVSA, which has long been accused of corruption.
Oil prices fell as Washington and Tehran agreed to hold talks in Oman on Friday. Iran is seeking to focus talks on its longstanding nuclear dispute with Western powers.
Oil slipped in the morning Asian session. Discussions regarding the coming U.S.-Iran negotiations have eased the immediate risk premium, said Citi Research.
U.S. West Texas Intermediate crude prices fell on Thursday after the U.S. and Iran agreed to hold talks in Oman on Friday, despite differences about the agenda, amid heightened tensions as the U.S. builds up military forces in the Middle East.
President Trump has threatened to launch military strikes on Iran if the Islamic Republic doesn't agree to a deal on its nuclear program.
Commercial crude oil stocks fell by 3.5 million barrels and were about 4% below the five-year average for the time of year, said the Energy Information Administration.
Russian state oil and gas revenues halved in January compared to the same month of last year, hitting their lowest level since July 2020, according to finance ministry data.
Venezuela says oil prices will follow markets, not U.S. pressure, amid sanctions uncertainty. The Venezuelan ambassador to China also sought to assure that Chinese investment in Venezuela will be secure.
India relies on Russia for roughly a third of its oil imports, up from just 2% before Russia invaded Ukraine in early 2022.
Oil rose in the morning Asian session amid U.S.-Iran tensions.
Oil refiners on the U.S. Gulf Coast are struggling to absorb a rapid surge in Venezuelan crude shipments since last month's flagship $2 billion supply deal between Caracas and Washington, pressuring prices and leaving some volumes unsold, according to traders and shipping data.
Russian Deputy Prime Minister said on Tuesday that there is currently a balance on the global oil market, while demand will be gradually rising in March and April, when asked about the OPEC+ group's plans on its production policy.