In the Caribbean waters, while the American military targets drug-carrying boats from Venezuela, tankers shipping Venezuelan oil in violation of a US embargo continue to operate without interference. Venezuelan President Nicolas Maduro has accused the US of deploying military forces near his country to overthrow him and exploit Venezuela’s oil reserves under the guise of an anti-drug mission.
Despite the perceived US military threat, Venezuelan crude exports, abundant in “black gold,” seem unaffected. With the exception of ships authorized for oil extraction by US energy company Chevron, the Caribbean sees the presence of “shadow tankers” transporting sanctioned or illegal oil.
Experts note that these “shadow tankers” continue to operate unchecked, evading detection by American forces. Elias Ferrer, founder of the Venezuela-based Orinoco Research group, highlighted that these vessels, including sanctioned ships, maintain their activities, mainly catering to markets like China.
The United States is believed to refrain from interfering with these ships to avoid potential conflicts, particularly in the current tense relations with countries like China. Meanwhile, US military actions targeting alleged drug-carrying boats in the Caribbean and eastern Pacific have resulted in casualties and raised concerns among human rights experts regarding violations of international law.
Following a significant drop in oil production due to US sanctions imposed after Maduro’s disputed 2018 re-election, Venezuela saw production levels plummet from three million barrels per day to below 400,000 bpd by 2020. Subsequent changes in US policies, including sanctions relief and reinstatement, have impacted the country’s oil sector.
Chevron, a key player in Venezuelan oil production, has faced regulatory shifts, allowing limited operations and payment to Venezuela in crude oil only. Despite these challenges, Venezuelan oil production has gradually increased, reaching around a million bpd, contributing a small fraction to the global output.
In response to US threats of export tariffs on Venezuelan oil buyers, the country has reduced its black market prices, attracting buyers despite unfavorable pricing. Analysts are uncertain about the future prospects, speculating on potential scenarios involving US intervention, diplomatic compromises, or leadership changes in Venezuela.
Amidst these uncertainties, Washington’s stance on granting exemptions to US oil companies operating in Venezuela and overlooking oil shipments remains a possibility, as highlighted by industry experts.