Chevron’s waiver keeps some U.S. barrels flowing, but sanctions push ~85% of Venezuela’s oil to China at a discount. Are we then to expect a further escalation of conflict between the United States and Venezuela? One can understand that it refers to President Trump’s claim that Maduro purposefully sent thousands of criminals into the United States. The United States is already sending two flights full of Venezuelan migrants home every week. Local sources estimate that it is shipping an average of 80,000 barrels per day to the United States, well below a high of 300,000 bpd last year, under the previous license.