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Oil tankers leased by PDVSA in Curacao. Photo: Luis Acosta/AFP/Getty Images

The U.S. sanctions have crippled Venezuela's oil industry so fully that the country has half a billion dollars worth of oil sitting in ships off its coast, Bloomberg's Lucia Kassai and Fabiola Zerpa report.

What's happening: An armada of 16 ships, holding 8.36 million barrels of Venezuelan crude, are floating off the country's coast. The cargoes belong to PDVSA, Chevron, Valero and Russia's Rosneft oil company.

The big picture: The sanctions have further cut off what was an already ailing oil sector for Venezuela — the country's only real export. The nation with the world's largest proven oil reserves had been pumping oil at a 70-year low even before the latest sanctions on the oil sector went into place.

Details: Oil prices edged up on Monday, a dead cat bounce from the selloff that followed President Trump's calls in a tweet for OPEC to "relax and take it easy" with its planned output cuts. Crude had previously reached a 3-month high in anticipation of the cuts from OPEC and Russia.

  • Saudi Arabia is planning to pump 500,000 less barrels per day in March, and Russia has signaled it will further reduce production over the next 2 months. The cuts are expected to last through June.

Yes, but: Goldman Sachs' energy analysts expect prices to rise as high as $75 a barrel, they said in a note to clients on Monday, but reverse course as the return of the "New Oil Order" returns, with U.S. producers pumping up production and the expiration of OPEC+ cuts.

Go deeper: Venezuela and the new oil landscape

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

DOJ: Capitol rioter threatened to "assassinate" Alexandria Ocasio-Cortez

Supporters of former President Trump storm the U.S. Captiol on Jan. 6. Photo: Kent Nishimura / Los Angeles Times via Getty Images

A Texas man who has been charged with storming the U.S. Capitol in the deadly Jan. 6 siege posted death threats against Rep. Alexandria Ocasio-Cortez (D-N.Y.), the Department of Justice said.

The big picture: Garret Miller faces five charges in connection to the riot by supporters of former President Trump, including violent entry and disorderly conduct on Capitol grounds and making threats. According to court documents, Miller posted violent threats online the day of the siege, including tweeting “Assassinate AOC.”

Schumer calls for IG probe into alleged plan by Trump, DOJ lawyer to oust acting AG

Jeffrey Clark speaks next to Deputy US Attorney General Jeffrey Rosen at a news conference in October. Photo: Yuri Gripas/AFP via Getty Images.

Senate Majority Leader Chuck Schumer (D-N.Y.) on Saturday called for the Justice Department inspector general to investigate an alleged plan by former President Trump and a DOJ lawyer to remove the acting attorney general and replace him with someone more willing to investigate unfounded claims of election fraud.

Driving the news: The New York Times first reported Friday that the lawyer, Jeffrey Clark, allegedly devised "ways to cast doubt on the election results and to bolster Mr. Trump’s continuing legal battles and the pressure on Georgia politicians. Because Mr. [Jeffrey] Rosen had refused the president’s entreaties to carry out those plans, Mr. Trump was about to decide whether to fire Mr. Rosen and replace him with Mr. Clark."