CARACAS: More than a dozen tankers have loaded oil off Venezuela’s coast since the Trump administration intensified efforts to curb Caracas’ crude revenue by targeting vessels.
Since Dec 11, roughly 14 vessels have been loaded, and at least six of them were under sanctions, according to data from maritime intelligence firm Kpler.
The majority of the loadings took place at the Bajo Grande and Puerto Jose ports.
The data shows that loadings are still happening at a roughly typical pace even as tensions climb.
US President Donald Trump has deployed a fleet of warships to the Venezuelan coast, and launched a naval blockade aimed at preventing sanctioned vessels from entering or leaving the South American country.
Over the weekend, US forces boarded the Centuries tanker in the Caribbean – the first non-sanctioned ship to be targeted – signalling a potential widening of the administration’s enforcement scope.
The campaign is meant to deter illicit activity and to signal that the United States wants Venezuelan leader Nicolas Maduro out of power, Homeland Security Secretary Kristi Noem said Monday.
Proceeds from the oil industry provide Venezuela’s struggling economy with much-needed hard currency.
The country exports roughly 900,000 barrels of oil a day – about 30% of which move through a shadow fleet similar to the tankers targeted by the Trump administration.
Of the recent loadings, at least three of the vessels are carrying product for Chevron Corp, which holds a US licence to drill and export oil from the country.
In a statement, the firm reiterated that its Venezuela operations remain fully compliant with US laws and that it continues to prioritise the safety of its personnel.
Another four tankers that loaded at the Jose export terminal have switched off their automated-position signals, a tactic that usually signals illicit activity, Kpler said.
“Most Venezuelan oil subject to sanctions is still being transported by ships that are not officially designated,” said Matt Smith, Americas lead oil analyst at Kpler.
“This gap suggests that future enforcement actions by the United States may increasingly focus on vessels that are not formally sanctioned but are involved in high-risk trade activities. So far, the turmoil has had little impact on oil prices, given plentiful global supplies.”
West Texas Intermediate futures have fallen roughly 1% since the first sanctioned oil tanker was intercepted and seized by US forces off the coast of Venezuela on Dec 10. — Bloomberg
