At least two oil tankers have arrived in Venezuela in recent days, and others are on the way, even after a new U.S. push to restrict movements of sanctioned vessels. The sailings point to PDVSA’s use of ships as floating storage to keep crude moving while port loadings slow under tighter scrutiny and risk.
The latest positioning follows December actions that cut Venezuela’s December exports to about half of November’s level, according to tracked cargo data and internal documents reported by Reuters. The arrivals include vessels tied to oil used for debt service to China, a long running arrangement between Caracas and Beijing that relies on scheduled shipments and ship to ship transfers.
The report said roughly two dozen tankers were visible near the Jose terminal this week, with about 16 million barrels on ships yet to depart, underscoring congestion at anchor and limited storage onshore. These movements were detailed after “at least two oil tankers have made their way to Venezuela” despite the policy shift, Reuters reported.
Storage shifts to offshore ships
Operational friction built through December. PDVSA was negotiating discounts and contract changes with customers to avoid returns, while a cyberattack forced a temporary shutdown of central administrative systems and slowed port work. Loadings that did leave were largely Chevron cargoes under U.S. authorization, plus small parcels of petrochemicals to regional buyers.
The pattern is familiar from 2020, when sanctions squeezed intermediaries and forced cargoes into longer routes and opaque handling through little known traders. Portside, the reliance on floating storage raises insurance costs, demurrage exposure, and quality risks for heavy crude that often needs diluent or blending.
If delays persist into January, upstream fields could face curtailments to manage inventory, a scenario PDVSA is trying to avoid by staging barrels on the water pending clearer exit windows. The portfolio mix, destination timing, and vessel compliance checks now drive the export cadence more than refinery pull.
Enforcement clouds trade flows
Washington’s tightened posture is already shaping navigation choices in the Caribbean. U.S. forces seized two fully loaded cargoes in December and warned of further interdictions aimed at sanctioned vessels.
The policy turn has made some shipowners reroute or pause, while a small group continues calls at Venezuelan terminals on tight compliance protocols. Caracas has publicly rejected the measures and signalled it will keep loading when possible.
“Export operations for crude and byproducts continue normally,” PDVSA said. The statement echoes the government’s position that oil shipments will proceed under international navigation rules, though traders say delays and inspections complicate schedules.
Analysts note that while the U.S. position targets sanctioned ships, any vessel perceived as deceptive can face added checks, lengthening turnaround times around Jose and El Palito. The logistics picture remains fluid, with vessel tracking services reporting intermittent transponder gaps and shuttle movements between offshore holding areas.
Risks shift to ports and buyers
The export pipeline now hinges on how quickly anchored tankers can clear and whether more waivers or case by case approvals emerge. If floating storage keeps building, terminal throughput and nearby pilotage capacity may become the bottleneck, not crude output at the wellhead.
Buyers weigh legal exposure, financing, and insurance, which can change on short notice when enforcement steps up. Market impacts so far look contained given global supply, but Venezuelan cash flow, diluent procurement, and refinery utilization face pressure if loadings stall.
The political signal from Washington remains uncompromising. “A total and complete blockade of all sanctioned oil tankers,” Trump said, outlining a policy that has already altered voyage plans and pushed some ships to turn away. For now, the data still shows tankers arriving, cargoes staged offshore, and a narrow channel of permitted liftings leaving Venezuelan waters under U.S. authorization.