Chevron Corp. is defying U.S. pressure by exporting up to 1 million barrels of crude from Venezuela. President Trump accused Venezuela of using oil revenues for illicit activities. Chevron’s vessels are not under sanctions, allowing operations to continue.

The Trump administration’s naval blockade is causing tensions and disruptions in Venezuela’s oil industry. Ghost vessels are avoiding Venezuelan ports, and production may shut down soon due to storage limitations. Venezuela’s crude output is declining, exacerbated by shortages of Russian naphtha.

Analysts predict Venezuela could lose up to 500,000 bpd if exports and diluent supplies are constrained. The situation is dire, with potential for further production declines. Oilprice Intelligence provides expert analysis on these developments, offering insights before they hit headlines. Subscribe for free access to premium energy intelligence.

Read more at Yahoo Finance: Chevron Ships Venezuelan Crude Despite Rising U.S. Pressure