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

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Supreme Court says Manhattan prosecutors can obtain Trump's financial records

Photo: Saul Loeb/AFP via Getty Images

President Trump’s banks and accounting firms must turn over his financial records to Manhattan prosecutors, the Supreme Court ruled Thursday.

Why it matters: The ruling is a stinging loss for Trump, who has fought relentlessly to keep these records secret.

Chelsea Clinton is considering forming a venture capital firm

Photo Illustration: Sarah Grillo/Axios. Photo: Jemal Countess/Getty Images

Chelsea Clinton is in the very early stages of forming a venture capital firm, Axios has learned from multiple sources.

What we’re hearing: The working name is Metrodora Ventures, after the author of the first medical text known to have been written by a woman (around 2,000 years ago in Greece).

TikTok caught in a U.S.-China vise

Illustration: Aïda Amer/Axios

TikTok, the short-video platform popular among teens for sharing funny moments and dance moves, is getting pulled into the deadly serious geopolitical conflict between China and the U.S.

The big picture: More than any other Chinese-owned app, TikTok has found success outside of its homeland. But as the U.S. sounds security alarms and China turns the legal screws on Hong Kong, the company is fighting to prove that it's not beholden to Beijing — and to forestall a threatened ban by the Trump administration.