Venezuelan oil exports drop sharply after U.S. tanker seizure

Venezuela’s oil shipments have plunged following the United States’ seizure of a tanker earlier this week.

The drop comes as new U.S. sanctions target shipping companies and vessels trading with the Latin American nation, according to maritime sources, shipping data and official documents.

Since the seizure on Wednesday, only tankers chartered by U.S. oil major Chevron have been able to leave Venezuelan waters carrying crude, the data showed. Chevron operates under U.S. government authorisation through joint ventures, allowing it to continue exports to the United States.

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Around 11 million barrels of oil and fuel remain stranded on other tankers in Venezuelan ports, according to the sources and data. Several of these vessels are already sanctioned under U.S. measures targeting shipments linked to Iran or Russia and could face additional penalties, officials said.

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