WILLEMSTAD — Venezuela’s oil production has fallen by approximately 15 percent since the United States imposed export restrictions and seized several oil tankers, according to international media reports.
Venezuela is currently producing around 1.1 million barrels of oil per day, with the majority destined for the Chinese market. Due to the U.S. actions, oil exports have slowed significantly, causing storage tanks inside Venezuela to fill up. Analysts say the measures are part of an effort by U.S. President Donald Trump to increase pressure on Venezuelan leader Nicolás Maduro, with the aim of forcing him from power.
Notably, oil exports to the United States have not been affected. The American oil company Chevron continues to transport oil from Venezuela under a special license issued by Washington. Revenues from these exports are reportedly used to repay Venezuelan loans and do not flow into the Venezuelan state treasury.
President Maduro has strongly condemned the U.S. actions, describing them as illegal. Media reports indicate that the Venezuelan navy is escorting oil tankers to international waters in an effort to protect shipments.
According to reports, many oil traders are now reluctant to leave Venezuelan ports due to fears of U.S. intervention. Numerous tankers are reportedly sitting idle, fully loaded, while some vessels have even turned back midway through their journeys and returned to Venezuela.
The decline in production and export disruptions are adding further strain to Venezuela’s already fragile economy, while regional observers continue to monitor the potential implications for Caribbean energy markets and maritime traffic.