Venezuela’s offshore oil inventory has surged to over 29 million barrels following intensified U.S. sanctions aimed at ousting President Nicolas Maduro. This marks a significant increase from 20 million barrels earlier this week, according to data from Kpler, a leading vessel tracking firm.
The United States continues to enforce its stringent oil embargo against Venezuela, targeting the nation with the world’s largest proven oil reserves. U.S. authorities have actively pursued and seized sanctioned oil tankers, further tightening the blockade.
In a recent high-profile incident, U.S. forces intercepted and detained a Russian-flagged tanker in the North Atlantic after a dramatic chase originating near Venezuelan waters. This action underscores Washington’s escalating efforts to enforce its global oil sanctions against Venezuela.
The operation concluded a weeks-long pursuit that began in late December when the tanker abruptly diverted from Venezuela, navigating through the Atlantic to evade U.S. restrictions.
Heightened U.S. pressure on Venezuela’s illicit oil exports has led to a sharp rise in offshore stockpiles. Kpler’s data reveals a nearly 10 million barrel increase over the past week, primarily concentrated in Asian waters.
China has emerged as a key buyer of Venezuelan crude in recent years. However, Chinese refiners have scaled back imports as the price differential between Brent crude and Venezuela’s flagship Merey grade narrowed from $15 per barrel last month to $13 currently.
Despite U.S. assurances that it will not disrupt Venezuela’s oil supply to China, independent Chinese refineries anticipate potential shortages. “Chinese crude processors are bracing for the possibility that current shipments may be their last,” noted Muyu Xu, Senior Crude Analyst at Kpler.
