Oil tanker movements to Venezuela have declined in recent weeks following heightened U.S. enforcement actions against the country’s oil trade, reports Platts according to vessel-tracking data.
Decline in Tanker Activity
Tracking data shows that the number of tankers operating in or heading toward Venezuelan waters fell to 17 vessels in mid-December, down from 24 vessels in mid-November. The decline indicates growing caution among shipowners and traders as sanctions enforcement intensifies.
Of the vessels currently near Venezuela, only two are carrying cargo, both transporting Russian-origin naphtha used to dilute Venezuela’s heavy crude. Several other ships are arriving empty to load crude, including a small number from the United States operating under limited sanctions exemptions.
Impact of Seizure and Sanctions
The downturn in tanker traffic follows the seizure of an oil tanker off Venezuela’s coast on December 10, an action that appears to have prompted several sanctioned vessels to divert away from Venezuelan ports. Multiple tankers previously linked to Venezuelan trade altered their routes shortly after new sanctions were announced on individuals, companies, and vessels involved in the country’s oil exports.
Some ships have reduced the use of tracking systems or manipulated identification signals to avoid detection, complicating monitoring efforts and highlighting the risks faced by maritime operators involved in sanctioned trade.
Political and Market Effects
The enforcement actions have also fueled political debate in Washington, where lawmakers have raised concerns about potential escalation and the scope of U.S. involvement related to Venezuela. Legislative efforts have emerged seeking to limit unauthorized military engagement tied to enforcement operations.
In the oil market, reduced Venezuelan exports are beginning to influence regional supply dynamics. Competing heavy crude grades in the Americas have seen pricing adjustments as refiners reassess availability and sourcing options.
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Source: Platts
