Citgo Wins $54 Million From Insurers Over Oil Seized by Maduro

Citgo Petroleum Corp. was awarded an insurance payment of more than $54 million for almost 1 million barrels of crude seized by the Venezuelan government.

A jury in federal court in Manhattan decided late Monday that insurers must pay Citgo for its claims over the lost crude, which it purchased in 2019 from its nominal parent, Petroleos de Venezuela SA, or PDVSA, the national oil company controlled by President Nicolas Maduro.

The case stems from the US government’s decision in 2019 to recognize Venezuelan opposition leader Juan Guaido as the country’s legitimate ruler after a contested election. Guaido ...