- Several oil tankers have reached or are heading toward Venezuela despite tighter restrictions
- The US blockade has sharply reduced exports, forcing crude into floating storage
- Rising congestion near ports highlights the growing strain on maritime oil logistics
In recent days, multiple oil tankers have reached Venezuelan waters, while others remain en route, signaling continued efforts to keep crude moving even as restrictions tighten. The latest movements point to an expansion of floating storage, as exports have slowed sharply following new enforcement measures in the Caribbean.
Exports Fall as Maritime Risks Increase
The blockade has significantly reduced Venezuela’s oil exports, cutting volumes to roughly half of recent levels. Increased patrols and vessel seizures have led many operators to avoid the region, triggering route changes and last-minute turnarounds. As a result, only a limited number of tankers continue operating near Venezuelan ports.
Floating Storage Builds Near Ports
With limited outbound options, crude oil is increasingly being stored onboard tankers anchored near loading terminals. Data shows a steady rise in oil volumes trapped in vessels awaiting instructions, with congestion visible offshore as tankers queue for loading windows or clearance to depart.
Operational Disruptions Slow Ship Turnarounds
Port operations have also been affected by administrative and technical disruptions, slowing cargo documentation and loading processes. This has further extended vessel waiting times and increased reliance on floating storage to manage unsold crude and refined products.
Maritime Bottlenecks Raise Supply Concerns
The buildup of oil at sea highlights broader risks to global energy logistics. Past episodes of similar pressure led to prolonged production cuts and fuel shortages, underscoring how maritime constraints can quickly translate into wider supply disruptions if tanker access remains limited.
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Source – Reuters
