Venezuelan Tankers Tracked Amid US Blockade Threat

Key Takeaways

• At least 34 U.S.-sanctioned oil tankers with a history of carrying Venezuelan oil are currently at sea in the Caribbean
• 12 of these tankers appear to be filled with crude oil from Venezuela
• The U.S. is expected to block only sanctioned tankers carrying oil from Venezuela, not similar vessels with oil from other nations
• A blockade of Venezuelan oil is not expected to lead to higher crude prices due to the two-tiered market
• Chevron is the only company authorized by the United States to carry Venezuelan crude to the U.S.

Introduction to the Situation
The U.S. government has been actively working to impose sanctions on Venezuelan oil tankers, with at least 34 U.S.-sanctioned tankers currently at sea in the Caribbean. According to a new analysis obtained by CNBC, 12 of these tankers appear to be filled with crude oil from Venezuela. This move comes after President Donald Trump vowed to impose a "complete and total blockade" on sanctioned oil tankers moving in and out of Venezuela. The U.S. government has deemed the nation’s ruling Maduro regime a foreign terrorist organization, leading to increased scrutiny of tankers carrying Venezuelan oil.

The Impact of Sanctions on Oil Tankers
The sanctions imposed by the U.S. government are expected to block only tankers carrying oil from Venezuela, not similar vessels carrying oil from other nations, such as Iran and Russia. This means that tankers carrying oil from other countries will not be affected by the sanctions. However, tankers carrying Venezuelan oil may be exposed to heightened scrutiny and potential enforcement actions by U.S. authorities. According to Dimitris Ampatzidis, senior risk and compliance analyst at Kpler, "In light of President Trump’s recent announcement, these tankers may be exposed to heightened scrutiny and potential enforcement actions by U.S. authorities."

The Effect on Oil Prices
Despite the sanctions, a blockade of Venezuelan oil is not expected to lead to higher crude prices. According to Kpler’s report, the market is two-tiered, and even the sanctioned segment remains crowded. This means that the impact of the sanctions on oil prices will be limited. In fact, oil prices rallied by nearly 2% on Wednesday, indicating that the market is not expecting a significant impact from the sanctions. Kpler’s report noted that "the move has so far failed to provide a meaningful boost to oil prices or to overturn underlying fundamentals, largely because the market is two-tiered and even the sanctioned segment remains crowded."

The Role of Chevron
Chevron is the only company authorized by the United States to carry Venezuelan crude to the U.S. This means that oil bound for the U.S. under Chevron’s license could continue to flow, despite the sanctions. According to Kpler’s report, "oil bound for the US under Chevron’s license could continue to flow." This suggests that Venezuelan supply to sanctioned markets would be disrupted, while volumes destined for the U.S. would remain intact. China- and Cuba-bound cargoes would bear the brunt of the impact, with these countries likely to seek substitutes from Russia and Iran.

The Current State of Venezuelan Oil Production
Venezuela has produced around 900,000 barrels of crude oil and condensate so far in 2025, accounting for roughly 1% of the total global supply. Kpler data indicates that China buys about 76% of Venezuela’s output, while the U.S. has imported around 17% of Venezuela’s output in 2025. This is about half of the percentage of output imported in 2024. Cuba, Spain, and Italy are the other significant customers of Venezuela’s oil. The sanctions imposed by the U.S. government are likely to disrupt the supply of Venezuelan oil to these countries, leading to a shift in the global oil market.

The Track of Sanctioned Tankers
The 12 U.S.-sanctioned tankers that appear to be carrying Venezuelan crude are being closely monitored by authorities. These tankers include Star Twinkle 6, Hyperion, Boceanica, Lydya N, Bandra, Soldier, Avril, Phenix VI, Manuela Saenz, Dianchi, and Baisha. The track of these tankers is being closely watched, with the U.S. government taking steps to block their movement. The seizure of the tanker Skipper by U.S. forces last week is an example of the actions being taken to enforce the sanctions. The movement of these tankers will be critical in determining the impact of the sanctions on the global oil market.