President Trump’s blockade on oil tankers under sanction near Venezuela will almost certainly make it more difficult for the country to export oil. But it was unclear on Wednesday how sweeping the prohibition would prove to be.
More than 400 tankers have moved Venezuelan oil or related products since 2019, according to Samir Madani, co-founder of TankerTrackers.com. These vessels are part of a bigger fleet of ships that trade oil illicitly, often by disguising their whereabouts. But only about 40 percent of such tankers that have transported Venezuelan crude have been placed under U.S. sanctions, said Mr. Madani, whose firm monitors global shipping.
Analysts have interpreted the blockade Mr. Trump announced late Tuesday as applying only to those designated vessels, meaning Venezuela would continue to have ways to export its oil, at least theoretically.
Administration officials did not immediately respond to questions seeking clarification on the scope of the U.S. blockade.
Venezuelan oil reaches the global market on tankers engaged in illicit trade and also via Chevron, which pumps oil in the country and is allowed to export it under a license from the U.S. government. Other Western oil and gas companies operating in Venezuela are no longer getting paid for the fuel they produce there.
That said, the U.S. seizure of a sanctioned oil tanker and other activities in the Caribbean Sea appear to be making fleet operators more reluctant to move Venezuelan oil. Several tankers that had been headed toward Venezuela recently turned around, said Matt Smith, an analyst at Kpler, another shipping data firm. Vessels are likely to proceed with “extreme levels of caution here,” Mr. Smith said.
Venezuela produces around 850,000 barrels of oil a day, according to S&P Global Energy, which is less than 1 percent of what the world consumes.
U.S. oil prices rose modestly after Mr. Trump said he was ordering a blockade, trading around $56 a barrel on Wednesday, up less than 2 percent.
Rebecca F. Elliott covers energy for The Times.
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