In a new development reflecting the escalating tensions surrounding global energy issues and international sanctions, shipping data and reports from Venezuela's state-owned oil company, PDVSA, reveal that at least four oil tankers have returned to Venezuelan territorial waters. These vessels had departed ports in early January loaded with crude oil, employing "stealth mode" techniques by switching off their transponders to avoid detection, in an attempt to circumvent the strict US embargo imposed on the South American nation's oil sector.
Details of the objection and forced return
PDVSA detailed the events at sea, noting that the United States has intensified its maritime surveillance. The company stated that the Panamanian-flagged supertanker M Sofia was intercepted and detained by US authorities last week while attempting to return to Venezuela. In a separate incident, the Aframax tanker Olena, flying the flag of São Tomé and Príncipe, was also intercepted but later released and allowed to return to Venezuela.
Reports indicate that a fleet of approximately 12 oil-laden vessels, along with 3 empty ships, left Venezuelan waters last month in a clear challenge to sanctions imposed by the administration of former US President Donald Trump since mid-December, sanctions that have reduced Venezuelan oil exports to historic lows.
Satellite monitoring
Ship tracking data and satellite imagery confirmed the presence of three more vessels from the returning fleet: the Panamanian-flagged Merope and Thalia III, and the Cook Islands-flagged Min Hang. These ships appeared in Venezuelan waters late yesterday. US authorities had previously stated that the tanker Olena, formerly known as Minerva M, would be allowed to leave after legal procedures were completed.
The context of sanctions and the tanker war
These moves come in the context of a long-standing geopolitical conflict between Washington and Caracas. Since 2019, the United States has imposed a series of harsh sanctions on Venezuela's state-owned oil company, PDVSA, with the aim of exerting maximum economic pressure on the government of President Nicolás Maduro. These sanctions have included a ban on imports of Venezuelan oil and penalties for any foreign entities that deal with it, forcing Venezuela to resort to unconventional methods of exporting its oil, such as ship-to-ship transfers at sea or disabling automatic identification systems (AIS).
Economic and political repercussions
Oil is the lifeblood of the Venezuelan economy, representing its primary source of hard currency. The decline in exports, a consequence of sanctions and mismanagement, has led to a crippling economic crisis and severe shortages of basic resources within the country. Analysts suggest that Venezuela's next move, as it remains under close US scrutiny amidst political and legal tensions affecting the country's leadership, may be to attempt to establish new crude oil exports through complex negotiations. There is talk of potential agreements worth $2 billion being negotiated by Caracas, in an effort to break its economic isolation and find new outlets for its vast oil wealth.
