Dec 23 (Reuters) - Venezuela's state oil company PDVSA has begun loading tankers with crude and fuel oil from its storage as inventories increase, due to the U.S. efforts to seize ships linked to Venezuela, according to company documents and shipping data.
This month, the U.S. Coast Guard intercepted two tankers, Skipper and Centuries, in the Caribbean Sea, both carrying Venezuelan crude. Additionally, they are pursuing a third empty tanker approaching Venezuela's shores.
The U.S. actions against vessels in a so-called "shadow fleet" that transport sanctioned oil, along with former President Donald Trump's blockade of all vessels subject to U.S. sanctions, have caused many ship owners to withdraw, leaving over a dozen cargoes stuck in Venezuelan waters.
As PDVSA produces roughly 1.1 million barrels of crude daily, the growing backlog is filling the company’s onshore tanks, particularly at the Jose terminal, which receives extra-heavy oil from Venezuela's main production area, the Orinoco Belt, based on the documents.
To avoid cutting production, PDVSA has started transferring some of its stored inventories to oil tankers. This strategy has been used in previous years, according to shipping and company data.
PDVSA's principal joint venture partner, Chevron, has not stopped exports of the crude grades they jointly produce. Most inventories in Venezuela's western region, which has limited storage, are at normal levels.
However, Chevron accounts for only about a quarter of crude produced at blending stations and upgraders in the Orinoco Belt, which amounts to around 130,000 barrels per day. PDVSA usually exports the remaining three-quarters to China, which has received about 80% of Venezuela's crude exports this year.
Following a steady rise in oil exports through November, PDVSA's onshore stocks at Jose, including crude and diluents, dropped to about 9 million barrels last month, down from a high of 17 million barrels earlier this year. But by mid-December, inventories had again exceeded 10 million barrels.
PDVSA had been urging customers to accept oil shipments to China at the Jose port last week, but this has become increasingly difficult after two more vessels were targeted by the U.S. over the weekend, according to company sources.
As negotiations over price discounts and contract changes with some customers continue, building floating storage has become necessary, with some customers attempting to return their cargoes to terminals.
Last week, senior officials at PDVSA considered declaring force majeure on certain crude exports but ultimately chose to negotiate individually with customers. Force majeure allows sellers to escape delivery commitments for uncontrollable reasons stated in contracts.
On Monday evening, Venezuelan President Nicolas Maduro stated that oil deliveries for Chevron would continue despite the tensions with Washington, which is increasing pressure on him to step down.
“(Under) rain, thunder, or lightning, and regardless of any conflicts, the contract with Chevron will be fulfilled. We are serious, decent people,” he declared in a televised address.
Chevron has stated that its operations in Venezuela are "continuing without disruption and in full compliance with laws and regulations applicable to its business."