Increasing Tensions: U.S. Military Operations and Sanctions Target Venezuelan Oil

Last week's military operation against the Skipper, an oil tanker off the Venezuelan coast, signaled a significant escalation of U.S. interventionist policy towards Venezuela. Following Donald Trump's declaration of a total blockade against all sanctioned cargo ships attempting to enter or leave the country, it's clear that the situation is evolving. Trump's insistence that Venezuela must return the oil lands and other assets allegedly taken from the U.S. indicates a shift in strategy from what began as an antidrug operation to a direct assault on the financial underpinnings of the Maduro regime. The U.S. has responded with intensified sanctions that target six shipping companies and vessels associated with Venezuelan businesses linked to the Chavista government, as well as relatives of Venezuelan leaders. This represents a crucial moment of economic strangulation for the Maduro government, which is heavily reliant on oil exports and already struggling with foreign currency shortages and inflation. According to an analysis by AFP using data from the Office of Foreign Assets Control (OFAC) and the International Maritime Organization, of the 1,400 ships sanctioned worldwide by the United States, 600 are oil tankers. While not all of them traverse the Caribbean, the increased U.S. surveillance could significantly impact many vessels, particularly those linked to Venezuela. In fact, during Trump's first term, over six dozen vessels connected to Venezuela were sanctioned, and the Treasury has continued to add to the list. Transparency International's chapter on Venezuela has reported that approximately 40 of the ships arriving at Venezuelan ports for crude oil loading have irregularities, as noted in their ongoing monitoring efforts since 2025. Disturbingly, the report highlighted the presence of U.S. Navy destroyers and missile ships operating just off Venezuela's coast, which has likely deterred some tankers from making their way to Venezuela. Following the seizure of the Skipper, which was carrying 19 million barrels of Venezuelan oil, a wave of panic gripped other cargo vessels, forcing many to turn back. Yet, the monitoring data indicates that as of November, at least 23 sanctioned or purportedly illegal tankers were detected in Venezuelan ports, showcasing the resilience of the Chavista regime. Chavismo has adapted to the enduring effects of sanctions imposed during Trump's previous administration, using covert strategies and barter deals to keep the oil economy afloat. The regime has had to navigate a landscape filled with corruption and inefficiencies, leading to the loss of over $23 billion in what was termed the 'PDVSA Crypto case' in 2023, resulting in significant internal power struggles. With the enduring economic sanctions against Venezuela, which limit the operations of Petróleos de Venezuela (PDVSA), the Maduro government has notably turned to clandestine shipping methods using so-called 'ghost fleets'—tankers that operate under third-country flags. This has allowed them to clandestinely navigate global waters while managing commercial transfers and circumventing international scrutiny. Despite the downturn in oil production during Trump's previous sanctions regime, where output plummeted to under 400,000 barrels per day, the Maduro administration has slowly ramped production back up to around one million barrels per day. Vice President Delcy Rodríguez shared that there has been a slight increase this past November, easing pressures amidst fluctuating crude prices. However, the Biden administration's policies have provided mixed relief, allowing relatively limited operations for U.S.-based Chevron since July, but also reinstating a tougher stance with Trump's renewed sanctions. Reports indicate that Asian buyers are now demanding steep discounts on Venezuelan crude due to a deluge of sanctioned oil from Russia and Iran, coupled with the geopolitical pressures arising from the U.S. military activities in the Caribbean. These developments contribute to a strained relationship between the U.S. and Venezuela, further complicated by the Maduro administration's portrayal of the U.S. actions as an attempt at resource theft. Maduro has publicly dismissed threats from Washington, even singing Bobby McFerrin's uplifting hit 'Don't Worry, Be Happy' during a recent public gathering, reflecting a defiant stance amid increasing international pressure. In this tense environment, the dynamics of international oil markets continue to shift, making the situation in Venezuela a key focal point in the broader geopolitical landscape. The ongoing sanctions, military operations, and the resilience of the Chavista regime paint a complex picture of modern-day Venezuela, where external influences and internal challenges are in constant interplay. Related Sources: • Source 1 • Source 2