As the US considers blacklisting dozens of ships for transporting Venezuelan oil, oil tankers that were sailing toward Venezuela have turned around and others have left the country’s waters.
The global shipping market is already disrupted by the threat of tighter sanctions. No matter where the ship is now or for what voyage, Chinese oil firms in the past year are considering whether to decline to charter any tanker that has visited the country located at the northern end of South America.
By choking the oil exports that provide the main source of income, the US is seeking to oust the socialist government of President Nicolas Maduro. The measures have deepened the country’s economic crisis and contributed to a decline in Venezuelan oil exports to a 17-year low.
Dozens more tankers may be added to an existing blacklist by the US. This move will make more difficult for PDVSA to send oil to refineries abroad. Exports in May sank to about 452,000 bpd. It is the lowest level since a national strike hit exports and paralyzed the economy in 2002-2003.
