Oil traders and US refiners are rushing to position for access to Venezuelan crude after the Trump administration said it would take control of as much as 50 million barrels, one of the largest unexpected supply flows in years.

The global oil market is likely to be under pressure in 2026 as growing supply and weak demand curb prices, and traders monitor OPEC+ for policy signals and any attempts to bolster the market, a Reuters poll showed on Monday.

U.S. firms involved in the effort would face risks, León and Cinquegrana said. Chevron is currently the only U.S. oil firm operating in Venezuela, as part of a joint venture with the country's state-owned oil outfit.

New U.S. LNG export capacity is coming online just as European prices and margins weaken, raising the risk that exporters curb volumes if spreads narrow further

Uncertainty over Venezuela’s oil exports could tighten supply of seaborne crude in the near term, TD Securities said.