Oil tankers avoid Venezuela over risk of US seizure, Bloomberg reports
Photo: Oil tankers bypass Venezuela due to threat of US takeover (Getty Images)
Oil tankers are avoiding Venezuela due to US threats to seize vessels transporting oil that helps fund the regime of President Nicolas Maduro, according to Bloomberg.
According to the publication, at least seven ships headed to Venezuela have changed course or stopped in international waters.
Another four ships joined them, turning back immediately after US forces took control of the tanker Skipper in mid-December.
Ships avoiding Caribbean waters could carry a total of 12.4 million barrels of crude oil.
As tankers steer clear of Venezuela, the country’s storage tanks are filling up, forcing state-owned Petroleos de Venezuela to shut some oil wells. Production in the key Orinoco region, which accounts for most of the country’s output, fell by 25% on December 29 compared with mid-December levels.
US President Donald Trump accused Venezuela of using oil revenues to fund criminal activities, including drug trafficking and terrorism.
As part of his pressure campaign, US forces targeted vessels allegedly involved in drug smuggling, resulting in over 100 deaths and the seizure of two oil tankers. The captured ships — Skipper and Centuries — are now off the coast of Texas. Venezuela has denied the allegations, calling US actions illegal.
Any disruption in oil exports further strains the country's economy, already under seven years of US sanctions. Oil remains crucial for Venezuela’s economy, funding everything from food to medicine.
Meanwhile, US oil company Chevron continues producing Venezuelan crude under a license from the US Treasury Department.
US tanker blockade in Venezuela
On December 16, President Trump announced a full blockade of sanctioned oil tankers entering or leaving Venezuelan waters, aiming to cut off Maduro’s main source of revenue.
Experts warn that if Venezuela cannot export oil, full storage tanks will force state company PDVSA to close wells.
A few days ago, US Defense Secretary Pete Hegseth warned that the US will continue intercepting tankers until Maduro returns "all stolen US assets."
In addition to the oil blockade, about a week ago Trump declared the Maduro regime a foreign terrorist organization, accusing it of involvement in drug trafficking.
On January 3, the United States carried out a series of strikes on Venezuela's capital, Caracas. Explosions were reported across the city, and President Maduro declared a state of emergency.
