Oil loading in Venezuela slowed significantly at the start of the week, with vessels now operating almost exclusively between domestic ports. This decline in activity follows the interception of two additional ships by US authorities and comes amid internal disruptions affecting Petróleos de Venezuela S.A. (PDVSA), which is grappling with a cyberattack.
The United States has stepped up its pressure campaign on Venezuelan oil exports by attempting to intercept two vessels over the weekend, according to US authorities. One was empty but already under sanctions, the other, a fully loaded tanker en route to China, was not subject to restrictions. US President Donald Trump stated that the seized oil cargoes could be retained or sold by Washington, adding that the seized ships would not be released.
Ships blocked and exports suspended
The Centuries supertanker, flying the Panamanian flag at the time of its interception, was accused by Panama’s Foreign Minister of violating maritime rules by changing its name and disabling its transponder. Panama has reiterated that such actions could result in the vessel being removed from its national maritime registry.
This blockade campaign is part of a broader escalation in US military operations in maritime areas surrounding Venezuela, including more than twenty targeted strikes on vessels suspected of drug trafficking. The ongoing interceptions are further complicating oil exports, already under strain since the 2020 sanctions that targeted PDVSA’s trading arms and two subsidiaries of the Russian group Rosneft.
Logistical losses and market slowdown
On Monday, PDVSA had transferred a 1.9 million-barrel cargo of heavy crude to the already sanctioned vessel Azure Voyager at Jose port. No further loading operations for Asia-bound tankers were scheduled, according to internal documents. The number of loaded supertankers still docked has increased in recent days, leaving millions of barrels in limbo.
Several tankers approaching Venezuelan shores to load crude or deliver refined products such as naphtha have turned around or suspended navigation. Shipowners now await clear instructions before proceeding. Shipping monitoring data showed an increase in these evasive movements starting Monday.
PDVSA paralysed by cyberattack
PDVSA’s difficulties are exacerbated by a cyberattack that paralysed its administrative systems. The company has reverted to using paper documentation for some critical operations, while delayed salary payments have been reported internally. Venezuela’s Ministry of Petroleum has not responded to requests for comment.
China has condemned the recent US actions as a “serious violation of international law”, while Venezuela’s Foreign Minister Yvan Gil labelled the seizures as “acts of piracy”. Venezuela has maintained oil shipments to the United States through Chevron Corporation, its main partner operating under US authorisation.
Chevron has exported seven cargoes to the US coast in December, each carrying between 300,000 and 500,000 barrels. A 500,000-barrel shipment was dispatched on Sunday from Venezuela aboard a Chevron-operated tanker.
Maritime interceptions and diplomatic tensions
The empty Bella 1 supertanker, targeted by the US Coast Guard on Sunday, was drifting northeast of Bermuda on Monday, according to a satellite image. US officials confirmed that the vessel had not been boarded, noting that interceptions may include sailing or flying close to vessels of concern.
The Skipper, the first vessel seized in December, reached the vicinity of the Galveston port in Texas on Sunday to transfer its cargo. Guyana, whose flag the tanker was allegedly using, stated that the authorisation had been falsified. Collectively, Skipper, Centuries, and Bella 1 have exported 41 million barrels of crude oil and fuel oil from Iran and Venezuela in recent years, according to TankerTrackers.com.
