The US Coast Guard on Sunday, December 21, chased the Bella 1, a tanker already under US sanctions, while it was heading towards Venezuela, as per Bloomberg.
Non-sanctioned vessel also targeted
A day earlier, US authorities boarded the Centuries, a vessel owned by a Hong Kong-based entity — marking the first time a non-sanctioned ship has been targeted in the current operation.
Earlier this month, on December 10, another very large crude carrier, the Skipper, was also intercepted.
The actions against three separate vessels signal Washington’s most aggressive attempt so far to disrupt the financial networks underpinning the Maduro administration, which the US has accused of links to drug trafficking and recently designated as a foreign terrorist organisation, as per Bloomberg.
Oil at the centre of US pressure strategy
Venezuela relies heavily on crude exports, most of which are shipped by state-owned Petróleos de Venezuela SA (PDVSA) to China through intermediaries using so-called “dark fleet” tankers.
These older vessels, often with unclear ownership, are commonly used to transport sanctioned oil from Venezuela, Iran and Russia, according to Bloomberg. Imports of Russian feedstock are also essential to dilute Venezuela’s heavy crude, as per a Bloomberg report.
"Washington calculates that Maduro depends far more on oil exports than the US or China depends on his barrels,” Bob McNally, president of Rapidan Energy Group said.
"With global balances loosening and prices falling, the US judges it has growing leverage and is likely to intensify pressure on the Maduro regime," he added, as per Bloomberg.
Despite the escalation, Venezuela’s oil exports account for less than 1% of global demand, and markets remain well supplied. Brent crude prices rose only slightly in early Asian trading on Monday, nearing $61 a barrel, Bloomberg noted.
Regional and political fallout
Maduro has accused the Trump administration of seeking to seize Venezuela’s oil and overthrow his government, criticising recent US measures including maritime interceptions, alleged strikes on drug-running boats and expanded intelligence operations.
"This escalation and stronger enforcement point towards a decline in the volume of exports," Francisco Monaldi, an energy expert at Rice University said, adding, "These days are going to be critical."
US Defense Secretary Pete Hegseth said the blockade of sanctioned oil tankers would remain in “full force,” in a post on X (formerly Twitter).
Strain on Venezuela’s oil sector
Venezuela’s oil production, which fell to about 400,000 barrels per day after sanctions were imposed in 2019, has since recovered. Vice President and Oil Minister Delcy Rodríguez said output has reached the government’s target of 1.2 million barrels per day, Bloomberg reported.
However, analysts warn that if exports are choked off, limited storage capacity could soon force production cuts.
"What they’re hoping for is a campaign of maximum pressure that will eventually make the regime collapse, without the need of putting boots on the ground," said Dany Bahar of the Center for Global Development.
"They’re trying to create a credible threat that will make this structure of power collapse, or high-level military turn around and decide to stand up to Maduro, and say, ‘You have to leave'," he added, as per Bloomberg.
