Chevron Corp. is preparing to export up to 1 million barrels of crude from Venezuela, even as U.S. pressure on the country’s oil trade intensifies following fresh accusations from President Donald Trump. According to Bloomberg tanker-tracking data, Chevron has completed loading a crude cargo onto the tanker Searuby and is in the process of loading another shipment onto the Minerva Astra. The exports come a day after President Trump accused Venezuela of using oil revenues to finance drug trafficking and te ...

Venezuela may be forced to start shutting in oil production as it runs out of storage space amid the U.S. tanker blockade, Bloomberg has reported, citing unnamed sources. According to the sources, the biggest oil storage hub and tankers at Venezuelan ports could fill up within 10 days, prompting production curbs. Earlier this week, Reuters reported that some 11 million barrels of Venezuelan crude were stuck at sea amid the U.S. escalation, prompting deeper discounts and demands from buyers for changes i ...