Tankers in the Spotlight: Venezuela's Oil Game

In the vast Caribbean Sea, a fleet of at least 34 oil tankers, previously flagged by the U. S. , are currently navigating waters. These tankers have a history of transporting Venezuelan oil, with 12 of them seemingly filled with crude from the South American nation, according to trade intelligence firm Kpler. One of these tankers, the Skipper, was recently intercepted by U. S. forces and is en route to the United States. This event follows President Donald Trump's announcement of a "complete and total blockade" on sanctioned oil tankers operating in and out of Venezuela. The U. S. has also labeled Venezuela's ruling Maduro regime as a foreign terrorist organization. The U. S. is expected to focus its blockade on tankers carrying Venezuelan oil, not those transporting crude from other sanctioned nations like Iran and Russia. This move could lead to increased scrutiny and potential enforcement actions against these tankers, as noted by Dimitris Ampatzidis, a senior risk and compliance analyst at Kpler.Despite the blockade, oil prices saw a nearly 2% increase. Kpler's report suggests that this price rally may not last, as the market is divided into two tiers, and the sanctioned segment remains crowded. Chevron is the only company authorized by the U. S. to transport Venezuelan crude to the U. S. , and its operations are expected to continue unaffected. The 11 sanctioned tankers carrying Venezuelan crude are identified as Star Twinkle 6, Hyperion, Boceanica, Lydya N, Bandra, Soldier, Avril, Phenix VI, Manuela Saenz, Dianchi, and Baisha. Some of these vessels have been known to use AIS spoofing to hide their locations and facilitate ship-to-ship transfers of cargo. Venezuela's oil production has been significant, with around 900, 000 barrels of crude oil and condensate produced so far in 2025. This accounts for roughly 1% of the total global supply. China is the largest buyer of Venezuelan oil, purchasing about 76% of its output. The U. S. has imported around 17% of Venezuela's output in 2025, which is about half of the percentage imported in 2024. Other significant customers include Cuba, Spain, and Italy. Kpler's report notes that while cargoes bound for the U. S. are expected to remain intact, China and Cuba may seek substitutes from Russia and Iran.