Venezuela's Oil Crisis: Cyberattacks, Sanctions, and Blockades

Venezuela's state oil company resumed crude operations after a cyberattack, despite U.S. threats of a blockade on Venezuelan shipments. Chevron continues shipping under U.S. authorization. The geopolitical situation remains tense, with U.S. forces increasing in the region and fears of vessel seizures rising.

Venezuela's state-run oil company, PDVSA, has recommenced loading crude and fuel shipments following a suspension due to a cyberattack. However, exports largely remain stalled as U.S. authorities consider enforcing a blockade on sanctioned oil tankers, confirmed by multiple sources and shipping data.

In the face of these challenges, U.S. oil major Chevron continues to export Venezuelan crude due to its joint venture with PDVSA and special U.S. authorization, contrasting PDVSA's widespread export complications. Out of 75 tankers linked with Venezuela's operations, 38 face sanctions, increasing the risk of shipping activities.

The geopolitical standoff has escalated, with President Trump ordering a blockade that Venezuela has condemned as a 'grotesque threat.' The situation has complicated Venezuela's oil trade, prompting PDVSA to issue price adjustments to its clients amid mounting tension and operational disruptions.

(With inputs from agencies.)