Venezuela has asserted that its crude oil exports remain unaffected despite recent actions by the United States. The country, home to the world’s largest proven oil reserves, maintains that its oil export operations are proceeding as normal.
National oil company, Petróleos de Venezuela, stated that the export of crude oil and its derivatives is ongoing without disruption, and that tankers are sailing without incident. This statement follows increased scrutiny from the US regarding sanctioned vessels.
These developments come after a period of heightened tensions, including the reported seizure of a sanctioned oil tanker near the Venezuelan coast. The tanker was allegedly carrying a substantial amount of crude oil destined for Cuba. Such actions mark a shift in the approach towards Venezuela.
Earlier this year, a significant military deployment to the Caribbean Sea was justified as an effort to combat drug trafficking. Caracas has argued that these anti-drug operations are a pretext to undermine the current government and seize Venezuela’s oil resources.
Venezuela has been subject to US oil sanctions since 2019, forcing it to sell its production on the black market at significantly reduced prices, primarily to Asian countries. The country currently produces approximately one million barrels of oil per day, a significant decrease from the three million barrels per day produced in the early 2000s.
DZWatch will continue to monitor this developing situation.
