Ghost tankers load crude oil off Venezuela coast as Trump tries to cut off exports: Report

Two so-called ghost oil tankers are loading crude off Venezuela’s coast, highlighting the challenge the Trump administration faces in trying to cut off exports that underpin the country’s economy.

The vessels, supertankers used to transport vast quantities of crude, are taking on oil at the government-run port of Jose, according to shipping reports seen by Bloomberg. Preliminary vessel-tracking data show Venezuela has loaded nearly 880,000 barrels of crude a day so far this month, a sharp increase from an average of about 586,000 barrels a day in November.

The surge in activity at Venezuela’s largest port comes just days after the US seized a tanker carrying Venezuelan crude, a move that signalled a tougher stance but has not yet halted shipments. The seizure is part of Washington’s broader effort to deprive President Nicolás Maduro of oil revenues and push him to step aside.

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Whether the strategy succeeds may hinge on whether these tankers ultimately depart Venezuelan waters, risking interception by US authorities.

What could US disruptions mean for Venezuela?

Disruptions to supplies from the country with the world’s largest proven oil reserves could ripple through global markets. In practice, the impact has been limited so far, as booming production in places such as the US and Guyana has flooded the market. The International Energy Agency estimates global oversupply at a record 3.8 million barrels a day.

About 30% of Venezuela’s oil exports, roughly 300,000 barrels a day, could be affected by US enforcement actions, according to energy consultancy Rapidan Energy Group.

The ghost tankers, which attempt to mask the origin of their cargo to avoid sanctions, are expected to load close to 4 million barrels of Venezuela’s flagship Merey 16 crude, shipping data show.

Sailing under the false names Crag and Galaxy 3, both vessels are bound for Asia. In Venezuelan ports, ship identities are often concealed by covering vessel names, making it unclear whether the tankers are already sanctioned.

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Where are the ships?

Satellite imagery corroborates the reports, showing all three berths at the Jose offshore terminal occupied by the two supertankers and a third vessel, the Aframax Nave Neutrino, chartered by Chevron Corp. Chevron is currently the only company permitted to lift Venezuelan crude under a license from the US Treasury Department.

In recent months, the Trump administration has escalated pressure on Caracas, ordering strikes on boats in the Caribbean allegedly linked to drug trafficking and warning of possible military action on Venezuelan soil. The campaign intensified with the seizure of the supertanker Skipper, accused of facilitating illicit oil shipments tied to foreign terrorist groups.

Maduro has condemned the seizure as an act of piracy and has vowed to defend Venezuela’s natural resources.