In a significant escalation of economic pressure, the United States' threat to seize vessels is causing a growing number of oil tankers to avoid Venezuelan waters. This move directly targets the oil revenues that fund President Nicolas Maduro's government.
Shipping Data Shows Sudden Reversals
According to ship movement data tracked on Friday, at least seven vessels have either reversed course or halted at sea to avoid loading Venezuelan crude. This development adds to four other tankers that turned away immediately after a key incident in mid-December, when US forces boarded the vessel named Skipper.
The collective carrying capacity of these now-avoiding ships is substantial. They are able to transport a combined 12.4 million barrels of crude oil. Detailed data indicates that four of them diverted to other destinations, while three others have simply stalled, waiting at sea.
US Accusations and Venezuelan Denials
The actions stem from accusations by US President Donald Trump, who alleges that Venezuela uses its oil income to finance a range of criminal enterprises. These include drug trafficking and terrorism. As part of this pressure campaign, US forces have already seized two oil tankers and launched strikes on boats allegedly involved in drug trafficking, resulting in over 100 fatalities.
Venezuela has consistently denied all allegations, labeling the US operations as illegal. The situation escalated further when the US military struck a facility inside Venezuela that was allegedly used for narcotics movement. In a related move, Washington sanctioned four Chinese companies and four vessels connected to the Venezuelan crude trade.
Consequences for Venezuela's Oil Industry
The reluctance of shippers is creating a severe logistical crisis within Venezuela. With tankers refusing to load, the country's storage facilities are reaching maximum capacity. This has forced the state-owned oil company, Petroleos de Venezuela SA (PDVSA), to shut in some oil wells because there is nowhere to put the extracted crude.
The impact on production is already severe. In the crucial Orinoco basin, which produces most of Venezuela's oil, output had plunged by 25% on December 29 compared to levels seen just in mid-December.
Amid this broad crackdown, one notable exception remains. The US oil giant Chevron Corp continues to lift Venezuelan crude under a specific license granted by the US Treasury Department, allowing it to operate while other companies are forced to retreat.
