Venezuela’s oil exports are facing growing constraints as US sanctions increasingly target tankers at sea, forcing the state-run oil company PDVSA to resort to using vessels as floating storage. According to Reuters, citing company documents and shipping data, PDVSA has begun loading crude and fuel oil onto tankers that remain anchored in Venezuelan waters. The move follows US President Donald Trump’s announcement of a blockade on sanctioned vessels and actions aimed at seizing tankers, developments that have alarmed shipowners and disrupted normal export operations.
PDVSA, which is currently producing around 1.1 million barrels per day, is rapidly running out of onshore storage capacity, particularly at the strategically vital Jose terminal. Data from Kpler shows crude inventories at Jose surged to 12.6 million barrels this month, pushing Venezuela’s total oil stocks to about 22 million barrels—the highest level recorded since August. The sharp rise underscores the logistical strain created by sanctions and the difficulty of moving oil to international markets.
Global markets are closely monitoring the situation amid concerns that disruptions to Venezuelan supply could further tighten oil markets. Prices paused after a five-day rally, with Brent crude slipping marginally by one cent to $62.37 a barrel, while US West Texas Intermediate edged up one cent to $58.39. Both benchmarks have gained roughly 6% since December 16, when prices fell to near five-year lows.
