Venezuela's Oil Exports Hit by U. S. Interceptions and Cyberattack

Shipments Slow Down, Tankers Move Oil Between Local Ports

Venezuela's oil industry is grappling with new hurdles as shipments slow down. Most tankers are now merely moving oil between local ports. This shift comes after recent U.S. actions against two additional ships. State-run oil company PDVSA is also contending with a cyberattack.

U.S. Seizures and Interceptions

• The U.S. Coast Guard seized a supertanker carrying Venezuelan oil this month.
• They attempted to intercept two more ships over the weekend:
• One was empty and under U.S. sanctions.
• The other was fully loaded and heading to China.
• Washington has not provided updates on these ships.

U.S. Blockade and Military Presence

• U.S. President Donald Trump announced a blockade on all sanctioned oil tankers.
• This move is part of his pressure campaign against Venezuelan President Nicolas Maduro.
• The U.S. has increased its military presence in the region.
• Conducted over two dozen military strikes on vessels alleged to be transporting drugs near Venezuela.

Impact on Oil Prices

• Oil prices have risen due to these events:
• Brent crude futures gained 2.17%.
• U.S. WTI crude rose 2.2%.
• The U.S. actions and Russia's war against Ukraine have raised fears of supply disruptions.

PDVSA's Struggles

• PDVSA delivered a 1.9 million-barrel cargo to a sanctioned vessel.
• No other supertanker bound for Asia is scheduled to load soon.
• Many loaded tankers have not departed, leaving millions of barrels of oil stuck in ships.
• Customers are demanding deeper discounts and contract changes for risky voyages.

Tanker Movements and Cyberattack

• Some tankers approaching Venezuela have made U-turns.
• Others have suspended navigation until they receive clear instructions from owners.
• PDVSA is slowly restoring some online systems and resorting to written records after a cyberattack.
• Many workers have not received their salaries on time.

International Reactions

• PDVSA and Venezuela's Oil Ministry have not commented.
• Venezuela's Foreign Affairs Minister called the U.S. seizures illegal.
• China's Foreign Ministry stated that the interceptions violate international law.

Chevron's Exports

• Chevron, PDVSA's main joint-venture partner, exported a 500,000-barrel cargo bound for the U.S. Gulf Coast.
• Chevron has exported seven cargoes this month, each carrying between 300,000 and 500,000 barrels.

Recent Interceptions

• A Panama-flagged empty supertanker was drifting northeast of Bermuda.
• The U.S. Coast Guard attempted to intercept it.
• A U.S. official stated that interceptions can take different forms.
• The loaded vessel Skipper reached an area near Galveston, Texas, where it was transferring oil cargoes.