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Venezuelan oil exports drop sharply after U.S. tanker seizure
El Palito refinery of the Venezuelan state oil company PDVSA is pictured, in Puerto Cabello, Venezuela February 10, 2024.
Reuters
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.
- U.S. targets Maduro’s family and Venezuela-linked oil tankers with new sanctions
- U.S. seizes sanctioned oil tanker off coast of Venezuela
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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