Venezuela's Oil Exports Hit by U. S. Interceptions and Cyberattack

Venezuela's oil industry is facing fresh challenges. Shipments are slowing down. Most tankers are just moving oil between local ports. This follows recent U. S. actions against two more ships. State-run oil company PDVSA is also dealing with a cyberattack. The U. S. Coast Guard seized a supertanker carrying Venezuelan oil this month. They tried to intercept two more ships over the weekend. One was empty and under U. S. sanctions. The other was fully loaded and heading to China. Washington hasn't shared updates on these ships. U. S. President Donald Trump announced a blockade on all sanctioned oil tankers. This is part of his pressure campaign on Venezuelan President Nicolas Maduro. The U. S. has increased military presence in the region. They've also conducted over two dozen military strikes on vessels. These vessels are alleged to be transporting drugs near Venezuela. Oil prices have risen due to these events. Brent crude futures gained 2. 17%. U. S. WTI crude rose 2. 2%. The U. S. actions and Russia's war against Ukraine have raised fears of supply disruptions.PDVSA has delivered a 1. 9 million-barrel cargo to a sanctioned vessel. No other supertanker bound for Asia is scheduled to load soon. Many loaded tankers have not departed. This leaves millions of barrels of oil stuck in ships. Customers are demanding deeper discounts. They want contract changes for risky voyages. Some tankers approaching Venezuela have made U-turns. Others have suspended navigation. This is until they get clear instructions from owners. PDVSA is slowly restoring some online systems. They are resorting to written records after a cyberattack. Many workers have not received their salaries on time. PDVSA and Venezuela's Oil Ministry have not commented. Venezuela's Foreign Affairs Minister called the U. S. seizures illegal. China's Foreign Ministry said the interceptions violate international law. Chevron, PDVSA's main joint-venture partner, exported a 500, 000-barrel cargo. This was bound for the U. S. Gulf Coast. Chevron has exported seven cargoes this month. Each carried between 300, 000 and 500, 000 barrels. A Panama-flagged empty supertanker was drifting northeast of Bermuda. The U. S. Coast Guard tried to intercept it. A U. S. official said interceptions can take different forms. The loaded vessel Skipper reached an area near Galveston, Texas. It was there for transferring oil cargoes.