Fly Of Swallow Studio/Shutterstock Save for later Print Download Share Heavy-oil producer Venezuela represents one of the most significant risks to global crude supply this year as the US renews its crackdown on the Nicolas Maduro regime. While further action against Russia and Iran 鈥� two larger crude suppliers facing their own set of US-led geopolitical risks 鈥� remains uncertain, Venezuela is already facing the reality of a "maximum pressure" campaign targeting its crude exports. It's too early to say whether the US' hardline approach with Venezuela will have the intended effect, but it shows that in at least one case so far, tough talk from the Trump administration has turned to action. Driven by Venezuela hawks in US President Donald Trump's cabinet like Secretary of State Marco Rubio, the White House is taking an even harder line on the Opec member than most envisaged. Trump has revoked sanctions exemptions granted by his predecessor that had allowed Chevron, Repsol and Eni, among others, to restart some upstream activity and trade oil on the open market. Those permissions, now set to expire May 27, could still be extended. But the crackdown has gone further 鈥� Washington also has prohibited key producer Chevron from paying any taxes or royalties to Caracas, which has prompted state Petroleos de Venezuela to halt oil cargo shipments.
