Venezuelan Oil Standoff: Exports Plummet Amid U.S. Sanctions

Venezuelan oil exports have seen a dramatic decline following the U.S. seizure of a tanker and the imposition of new sanctions on shipping companies. Chevron remains the only entity exporting Venezuelan crude, utilizing a special U.S. authorization. Tankers carrying significant oil quantities remain stranded in Venezuelan waters.

Venezuelan oil exports have been hit hard after the United States seized a tanker and introduced new sanctions against shipping companies and vessels involved with the South American nation. The ripple effect of these actions has been evident, with exports dropping sharply in recent days.

Data and maritime sources reveal that only tankers chartered by U.S. oil giant Chevron have navigated beyond Venezuelan waters carrying crude. Chevron, under a U.S. government authorization, is operating through joint ventures within Venezuela to ship oil back to the United States.

Currently, tankers with cargos totaling around 11 million barrels of oil and fuel are reportedly anchored in Venezuelan waters, maritime sources said. Many of these tankers are linked to sanctions placed by the U.S. on Iran or Russia, and are under close monitoring for potential further punitive measures.

(With inputs from agencies.)