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Venezuela Currency Crashes as Trump Tariffs Choke Oil Sales [Yahoo! Finance Canada]

Chevron Corporation (CVX) More Company Research Source: Yahoo! Finance Canada

Last chevron corporation earnings: 5/1 06:45 am Check Earnings Report

US:NYSE Investor Relations: chevron.com/investors

Most Read from Bloomberg This week, Trump announced a 25% tariff on countries purchasing Venezuela's oil, testing a new mechanism aimed at pressuring the government of Nicolas Maduro. The decision spooked some of the biggest buyers of the country's crude, with India's Reliance Industries Ltd. halting shipments and Spanish firm Repsol rerouting a tanker. That's putting pressure on the bolivar because Venezuela funnels oil revenue into the currency market to keep the exchange rate stable. With a massive shortage of dollars expected, companies and individuals are rushing to the black market to buy greenbacks. The parallel rate further weakened on Thursday to 106 bolivars per dollar from around 66 at the start of the year, blowing out the difference with the official rate to the widest level in more than five years. “This is the strongest measure a US administration has taken against the Venezuelan government from the cash flow and oil production perspective,” said Alejandro Grisan [Read more]

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