Venezuelan leader Nicolás Maduro says escalating pressure from the US comes down to one thing: Washington wants to grab the South American nation's vast oil reserves.

Venezuela condemns U.S. seizure of oil tanker as "blatant theft" after joint operation targets sanctioned vessel carrying crude off Venezuelan coast.

Oil buyers in Asia are demanding deep discounts on Venezuelan crude due to a flood of sanctioned oil from Russia and Iran on offer and to heightened risk of loading in the South American country as the U.