US Chokes Venezuela Oil Exports: Chevron Last Standing Amid Blockade Escalation

• The US has dramatically escalated pressure on Venezuela's oil trade, moving from traditional sanctions to direct maritime interdiction and a "total and complete blockade" of sanctioned oil tankers.
• Chevron remains the sole major US-linked operator still exporting crude from Venezuela, operating under a special sanctions waiver, highlighting the country's increasing isolation.
• An expanding US naval deployment in the Caribbean and blacklisting of vessels have created a "chilling effect," causing tankers to turn back and making Venezuelan oil "untouchable."
• Venezuela's oil-dependent economy faces existential threat, risking severe economic consequences, renewed shortages, and potential social unrest as export channels close.
• Caracas views the US actions as economic warfare and an attempt to seize control of its vast energy reserves, while Washington frames it as an anti-drug operation targeting the Cartel de los Soles.

Why It Matters: US blockade pushes Venezuela's oil trade to near standstill, leaving Chevron as the last major player.