Oil Tanker Activity in Venezuela Decreases Amid U.S. Actions
Dec 22 (Reuters) – On Monday, oil loading activities at Venezuelan ports slowed down significantly. Most vessels were transporting oil only within the country, following new U.S. actions against two ships. The state-run energy company, PDVSA, is also facing difficulties in recovering from a recent cyberattack, according to tracking data and sources.
This month, the U.S. Coast Guard seized a supertanker under sanctions that was carrying Venezuelan oil and attempted to intercept two more ships related to Venezuela recently. One of these was an empty vessel under U.S. sanctions, while the other, a fully loaded tanker headed to China, is not sanctioned.
U.S. authorities have not provided further updates about these ships. Last week, President Donald Trump announced a blockade on all sanctioned oil tankers entering or leaving Venezuela.
Panama's Foreign Minister, Javier Martinez-Acha, stated in an interview that the supertanker Centuries, which was flagged under Panama, didn’t follow the country’s maritime laws. The ship altered its name and turned off its transponder while transporting oil out of Venezuela.
If a country finds its flagged vessel didn't comply with maritime laws, it can cancel the vessel's registration.
Trump's pressure campaign against Venezuelan President Nicolas Maduro has included increased military presence in the region and over two dozen military actions against vessels that the U.S. claims are transporting drugs in the Pacific Ocean and Caribbean Sea near Venezuela. This initiative has resulted in at least 100 fatalities.
U.S. Secretary of State Marco Rubio noted on Friday that Washington aims to ensure regional stability and security, stating that the current situation with the Venezuelan government is unacceptable to the U.S.
Oil Prices Increase
The U.S. actions have dealt a significant blow to PDVSA since the U.S. Treasury imposed sanctions on the company's former oil trading firms in 2020. This led to cuts in output and exports.
On Monday, Brent crude prices rose by 2.17% to $61.78 per barrel, while U.S. WTI crude increased by 2.2% to $57.77, influenced by the U.S. actions and concerns over supply disruptions due to Russia’s ongoing war in Ukraine.
As of Monday, PDVSA had loaded a 1.9 million-barrel shipment of heavy crude onto the Aruba-flagged sanctioned vessel Azure Voyager at the Jose port, but no other supertankers were scheduled to load for Asia in the near future, according to internal company documents.
Recently, the number of loaded tankers that have not yet left has grown, causing millions of barrels of Venezuelan oil to be trapped in these vessels. Meanwhile, customers are pushing for deeper discounts and changes to contracts to cover the risk of sailing beyond the country.
Some tankers approaching Venezuela either to load oil for export or deliver imported naphtha have also recently changed course or halted navigation until they receive clear instructions from their owners regarding loading, according to monitoring data.
PDVSA is gradually restoring some online systems after the recent cyberattack, but many employees are still experiencing delays in receiving their salaries, sources reported.
Neither PDVSA nor Venezuela’s Oil Ministry has responded to requests for comments. Foreign Affairs Minister Yvan Gil stated on Monday that the U.S. seizures violate international law and are acts of piracy.
The Chinese Foreign Ministry condemned the recent U.S. actions, labeling them a serious violation of international law.
Chevron, PDVSA's main joint-venture partner, exported a 500,000-barrel shipment of Venezuelan oil on Sunday, destined for the U.S. Gulf Coast, in accordance with U.S. regulations. Oil Minister Delcy Rodriguez affirmed on social media that Venezuela had continued its shipments to Chevron, sharing a video of the maritime authority overseeing the ship’s departure.
Chevron has exported seven cargoes of Venezuelan oil to the U.S. this month, with each shipment containing between 300,000 and 500,000 barrels, according to monitoring data.
Tankers Under U.S. Pursuit
The empty supertanker Bella 1, which the U.S. Coast Guard tried to intercept as it neared Venezuela, was reported drifting northeast of Bermuda in the Caribbean on Monday, according to a satellite image by TankerTrackers.com.
A U.S. official informed Reuters on Sunday that no boarding of the tanker had occurred, and interceptions may take various forms, including close approaches by U.S. vessels or aircraft.
The loaded vessel Skipper, which was the first to be seized by U.S. authorities this month, reached an area near Galveston, Texas, for transferring oil cargoes on Sunday, maritime sources reported.