PDVSA

Caracas, January 14, 2026 (venezuelanalysis.com) – Two Venezuela-bound China-flagged oil supertankers have made U-turns in the Atlantic amidst a US-imposed naval blockade against the Caribbean country.

According to Reuters, the very large crude carriers (VLCC) Xingye and Thousand Sunny were headed Venezuela to load crude cargoes. The ships, which had made several trips to Venezuela in recent years, were anchored for weeks before turning back. China was the main destination of Venezuelan crude in recent years, with part of the cargoes used to offset debt.

The aborted shipments came in the wake of the Trump administration’s claims to take control of Venezuelan oil sales. US forces bombed Caracas and surrounding areas on January 3 and kidnapped President Nicolás Maduro and First Lady Cilia Flores.

Since December, the US has also seized five oil tankers for allegedly carrying Venezuelan crude as its navy set up a blockade aimed at strangling Venezuela’s most important revenue source and strong-arming the government.

US officials have reportedly filed “dozens” of court warrants to seize tankers allegedly involved in transporting Venezuelan oil.

Senior Trump administration officials, including Energy Secretary Chris Wright and Treasury Secretary Scott Bessent, have claimed that revenues from Venezuelan oil sales will be deposited in accounts run by the US government. 

The agreement is set to begin with 30-50 million barrels that Venezuela had in storage as a result of the naval blockade, though White House officials have claimed it will extend for an indefinite period. Washington issued an executive order last week shielding Venezuelan oil proceeds in US accounts from creditors.

US President Donald Trump held a meeting with Western oil executives on Friday, urging investment in Venezuela’s oil sector and vowing that corporations will “deal” with the US directly, rather than Venezuelan authorities. Energy companies have been reluctant to pledge any major commitments to Venezuela.

Commodities traders Vitol and Trafigura have received licenses to transport Venezuelan crude and have reportedly begun moving it to Caribbean storage hubs ahead of exports to final destinations. According to reports, the two firms have transported a combined 4.8 million barrels of Venezuela’s Merey 16 blend and have offered them to customers in the US, India and China with an $8.50 discount per barrel compared to ICE Brent.

US officials, including Secretary of State Marco Rubio, have claimed that US-controlled Venezuelan oil revenues will only be used for imports from US manufacturers, including inputs for the energy sector and the electric grid. Vitol is set to deliver 460,000 barrels of US-sourced naphtha to Venezuela in the coming days, as reported by Argus Media. Caracas requires diluents such as naphtha to turn its extra-heavy crude into exportable blends, and the first Trump administration imposed sanctions on their purchase from US suppliers in 2019.

The Venezuelan government has not commented on the specifics of the new arrangement for oil sales. Acting President Delcy Rodríguez said the country remains committed to “diversified economic and geopolitical relations.” Venezuelan state oil company PDVSA has confirmed “negotiations” to ship crude cargoes to the US.

For its part, Russia’s Roszarubezhneft stated that it will not relinquish its assets in Venezuela. The state-owned company is a minority partner in multiple joint ventures with PDVSA, including crude upgrader Petromonagas. Roszarubezhneft took over from Rosneft after the latter was hit with US secondary sanctions in 2020.

Venezuela’s oil industry has been under US unilateral coercive measures since 2017. The US Treasury Department has targeted the oil sector with financial sanctions, an export embargo, secondary sanctions, and a bevy of other measures that aimed to choke off Venezuela’s most important income source.

Washington’s recent naval blockade likewise had an immediate impact on production as PDVSA began to run out of storage space, including offshore. The latest OPEC monthly report recorded Venezuela’s December output at 896,000 barrels per day (bpd), as measured by secondary sources. The figure is 60,000 bpd lower than the previous month’s.

For its part, PDVSA reported a smaller decline, from 1.14 to 1.12 million bpd. Direct and secondary data have slightly differed over the years due to disagreements over the inclusion of natural gas liquids and condensates.

The Venezuelan state oil company has begun reactivating wells that were shut down as a consequence of the US blockade, according to Reuters.

After launching a military attack against Caracas and kidnapping Venezuelan President Nicolás Maduro, US President Donald Trump made his goal clear: seize the oil.

Historian Steve Ellner and journalist Ricardo Vaz explained how this outcome is not an aberration, but rather the latest chapter in a long-standing struggle over PDVSA, oil sovereignty, and U.S. hemispheric dominance—where economic warfare supplants diplomacy and state power is deployed for private gain.

Source: theAnalysis.News

Caracas, January 9, 2026 (venezuelanalysis.com) – US President Donald Trump hosted executives from major Western energy corporations at the White House on Friday after touting a US $100 billion investment plan in Venezuela’s oil industry.

The Trump administration has moved to claim control over the Caribbean nation’s most important economic sector in the wake of the January 3 bombings and kidnapping of President Nicolás Maduro.

“We’re going to discuss how these great American companies can help rapidly rebuild Venezuela’s dilapidated oil industry and bring millions of barrels of oil production to benefit the United States, the people of Venezuela and the entire world,” the US president told reporters.

The meeting featured representatives from Chevron (USA), Shell (UK), Eni (Italy), Repsol (Spain) and 13 other energy and trading firms. Chevron has been the only major US company to maintain operations in Venezuela amidst US sanctions.

Trump added that the corporations would be “dealing” with the US directly and not with Venezuelan authorities. Multiple US officials in recent days have claimed that proceeds from crude sales will be deposited in accounts run by administration before being rerouted to Venezuela. Venezuelan state oil company PDVSA has confirmed “negotiations” to resume oil shipments to the US but has not commented on the rumored terms.

In his press conference, Trump said the White House would “devise a formula” to ensure that Caracas receives funds and corporations recover their investments while the US government would get any “leftover funds.” He added that Washington would offer the corporations “security guarantees” to operate in Venezuela.

Despite the Trump administration’s incentives, oil conglomerates have expressed reservations on committing to major investments in Venezuela.

Friday’s meeting at the White House also included executives from ExxonMobil and ConocoPhillips, two companies that refused to accept the new conditions from the former Chávez government’s oil reforms in the 2000s.

Both companies pursued international arbitration. ExxonMobil was compensated to the tune of $1.6 billion, significantly below its demands, while ConocoPhillips is looking to enforce awards totaling $12 billion. The Houston-headquartered enterprise will collect part of the debt via the forced auction of Venezuela’s US-based refiner CITGO.

ExxonMobil CEO Darren Woods stated that the company would need “significant changes” to Venezuela’s legal infrastructure before considering a return to the country.

In parallel to the White House gathering, India’s Reliance Industries, the country’s largest conglomerate, is reportedly seeking a US greenlight to resume purchases of Venezuelan crude. Reliance was a significant PDVSA customer before being driven away by US sanctions threats.

Venezuela’s oil sector, the country’s most important revenue source, remains heavily targeted by US unilateral coercive measures, including financial sanctions, an export embargo, and secondary sanctions.

Washington has maintained pressure on Caracas to impose oil conditions by enforcing a naval blockade and seizing tankers attempting to sail away with Venezuelan crude. On Friday, the US Navy seized the fifth tanker since early December, the Timor Leste-flagged Olina which had sailed from Venezuelan shores days ago as part of a flotilla attempting to break the US blockade.

Trump claimed that Venezuelan authorities assisted in the capture of the Olina tanker. According to the New York Times, US naval forces are chasing multiple tankers into the Atlantic, while others that left are reportedly heading back toward Venezuela.

Washington’s interest in controlling the Venezuelan oil industry has already seen the US Treasury Department issue sanctions waivers to global traders Vitol and Trafigura. The two companies were represented in the January 9 White House meeting.

Asked about Venezuelan Acting President Delcy Rodríguez, Trump said that the Venezuelan leader “seems to be an ally.” A US State Department delegation landed in Caracas on Friday to evaluate conditions for the reopening of the US embassy in the Venezuelan capital.

Amidst US official statements and diplomatic pressure, Venezuelan authorities have likewise sought meetings with some of its main allies, including Russia and China.

Rodríguez met with Chinese Ambassador Lan Hu Thursday, thanking Beijing for its condemnation of the US attacks and Maduro abduction. While US officials have pledged to reduce Chinese economic ties with Venezuela, Rodríguez stated in a recent broadcast that Caracas would maintain “diversity” in its economic and geopolitical relations.

Also on Thursday, Venezuelan Foreign Minister Yván Gil hosted Russian Ambassador Sergey Melik-Bagdasarov. Gil acknowledged Moscow’s support in the wake of the US January 3 attacks and expressed the two nations’ joint commitment to dialogue and sovereignty.

Caracas, January 7, 2025 (venezuelanalysis.com) – The Trump administration has vowed to control Venezuelan oil sales for an “indefinite” period in the wake of the January 3 bombings and kidnapping of Venezuelan President Nicolás Maduro.

“Instead of the oil being blockaded, we’re gonna let the oil flow to US refineries and around the world to bring better oil supplies, but have those sales done by the US,” Energy Secretary Chris Wright said in a Goldman Sachs conference on Wednesday, January 7.

According to Wright, the process would begin with crude that is currently loaded on tankers that have not left Venezuelan shores because of the US naval blockade, before selling future production “indefinitely, going forward.”

A “fact sheet” published by the Department of Energy went on to claim that proceeds from sales of Venezuelan crude “will first settle in US-controlled accounts at globally recognized banks to guarantee the legitimacy and integrity of the ultimate distribution of proceeds.”

The document stated that a “selective rollback” of US economic sanctions will allow transactions involving Venezuelan oil products in global markets. The Department of Energy likewise announced supplies of diluents and equipment to Venezuela’s oil industry, which also require the lifting of sanctions, alongside broader US investment in the oil sector and electric grid.

Secretary of State Marco Rubio affirmed in a Wednesday press conference that the US has a “three-step plan” for Venezuela in the wake of the January 3 military attack. The first step involves “stabilizing” the country to allow for the arrival of US and Western corporations, before a stage of “national reconciliation” and finally a “transition.”

In the wake of the strikes that killed over 80 people in the Caribbean nation, Trump and administration officials have repeatedly threatened the Venezuelan government into accepting its demands, especially in the oil sector.

On Wednesday, US authorities announced the seizure of two new tankers as part of efforts to strangle Venezuelan crude exports. Rubio recently referred to the US’ naval blockade as a “lever of leverage” against Caracas. US forces had previously seized two other tankers transporting Venezuelan crude.

According to ABC, Washington has demanded that Caracas’ oil production and exports be done exclusively with US partners. In 2025, over 80 percent of Venezuelan crude exports were destined for Chinese refineries. However, Politico reported that US oil conglomerates are reluctant to invest heavily in Venezuela.

Trump had emphasized in recent weeks that the US’ main interest was control over Venezuela’s oil industry and reserves. On Tuesday, he wrote on social media that Venezuelan authorities had agreed to “turn over 30-50 million barrels” of oil to the US, in reference to the crude currently blockaded, and that he would “control” the proceeds.

On Wednesday, Trump published another social media post claiming that Caracas would only be purchasing US-made products with the oil sales revenues.

US actions have drawn domestic criticism, with Connecticut Senator Chris Murphy blasting Rubio’s “insane plan.”

“They are talking about stealing the Venezuelan oil at gunpoint for an undefined time period as leverage to micromanage the country. The scope and insanity of that plan is absolutely stunning,” Murphy told press.

Venezuelan state oil company PDVSA, for its part, issued a statement on January 7 informing of talks for the “sale of large volumes of crude to the United States.” The communiqué made no reference to the terms alleged by US officials.

“PDVSA ratifies its commitment to continue building alliances that boost national development and contribute to global economic stability,” the text read.

PDVSA added that the prospective agreement would follow a “scheme” similar to the one that currently applies to Chevron. 

The US oil giant is a minority partner in four joint ventures with PDVSA. Under its present sanctions waiver, Chevron allocates crude for PDVSA to sell. However, under a previous license, Chevron would commercialize all the oil before transferring proceeds to its Venezuelan partners.

Acting President and Oil Minister Delcy Rodríguez has not commented on the US officials’ claims. In a Wednesday night televised broadcast, she said Venezuela has developed “diversified economic and geopolitical relations” all around the world.

The Venezuelan oil industry has faced multiple waves of economic sanctions dating back to the first Trump administration, including financial sanctions, an export embargo and secondary sanctions.

Caracas has made repeated calls for foreign investment, including from US companies. US refineries, particularly in the Gulf Coast, are especially geared toward Venezuela’s extra-heavy crude blends. The US was the main destination for Venezuelan oil exports prior to the 2019 embargo.
The Nicolás Maduro government additionally created favorable conditions for oil partners in a bid to ramp up oil production. The 2020 Anti-Blockade Law establishes mechanisms that supersede Venezuela’s hydrocarbon legislation, including concessions whereby private companies can lift more than half the crude produced.

Caracas, December 12, 2025 (venezuelanalysis.com) – The US Treasury Department levied new sanctions against the Venezuelan oil industry as the Trump White House looks to strangle the Caribbean nation’s most important revenue source.

On Thursday, the Treasury’s Office of Foreign Assets Control (OFAC) blacklisted six shipping companies for allegedly transporting Venezuelan crude. OFAC likewise identified six tankers, one from each sanctioned firm, as blocked property.

“Today’s action also targets Venezuela’s oil sector, which continues to fund Maduro’s illegitimate regime,” the US Treasury stated in a press release.

The Trump administration’s latest coercive measures mark an escalation in its efforts to target Venezuela’s oil industry. During his first term, Trump introduced a “maximum pressure” campaign that included financial sanctions, an export embargo and secondary sanctions against Venezuela’s oil sector.

In his second term, the White House withdrew Chevron’s license to extract and export crude from its ventures in Venezuela before issuing a new, limited waiver in May.

The latest sanctions come amid a large-scale US military buildup and deadly operations in the Caribbean under a self-declared anti-narcotics mission. However, reports from specialized agencies have contradicted the White House’s “narcoterrorism” accusations against Caracas.

Trump has issued repeated threats to attack purported drug targets inside Venezuelan territory. Analysts and political figures have argued that Washington’s true goal is regime change in order to take control of Venezuelan natural resources.

On Wednesday, the US Coast Guard led the seizure of an oil tanker carrying Venezuelan crude. The Skipper, which had been blacklisted by the US Treasury in 2021 for allegedly transporting Iranian crude, was commandeered in international waters while carrying an estimated 1.6 million barrels of crude bound for Asian markets. 

Caracas condemned the move as “international piracy” and vowed to denounce it before international bodies. US officials told Reuters that more seizures are expected in the near future, while former Biden administration advisor Juan González raised the prospect of a naval blockade against the South American country.

Washington’s tanker drew widespread rejection, with US anti-war collective Code Pink calling it “21st century piracy.” The American Association of Jurists likewise issued a statement condemning US actions as illegal and a violation of international law.

US authorities had previously seized Venezuela-bound Iranian fuel in 2020. In November, a US warship blocked the path of a Russian tanker, forcing it to make a U-turn before eventually reaching its destination in eastern Venezuela.

Thursday’s coercive measures likewise included individual sanctions against Ramón Carretero, Carlos Malpica, Efrain Campo and Franqui Flores. Carretero, a Panamanian national, was targeted for alleged involvement in Venezuelan oil sales.

Malpica, Campo and Flores are nephews of Venezuelan First Lady and National Assembly Deputy Cilia Flores. Malpica had been previously designated in 2017 before being withdrawn from OFAC’s List of Specially Designated Nationals and Blocked Persons (SDN List) in 2022. Campo and Flores were serving 18-year sentences on drug trafficking charges when they were released by the Biden administration in a prisoner exchange in 2022.

The sanctioned companies and individuals will see any US-based assets frozen, while US persons and firms are barred from conducting any business with them.

Oil production remains stable

Amidst recent US threats and escalatory actions, Venezuela’s oil sector has maintained a steady output level.

According to OPEC, production stood at 934,000 barrels per day (bpd) in November, slightly below 961,000 bpd in October, as measured by secondary sources. Venezuela’s oil industry recovered from decades-low output levels in 2020 but has not managed to surpass the 1 million bpd threshold.

In contrast, state oil company PDVSA reported a higher output of 1.14 million bpd in November. The direct and secondary measurements have differed over time due to disagreements on the inclusion of natural gas liquids and condensates.

The recent tanker seizure is expected to hit Venezuelan oil revenues through higher shipping and insurance costs. PDVSA is forced to rely on intermediaries and levy significant discounts in order to place crude cargoes in international markets.

An oversupply of sanctioned crude from Iran and Russia has likewise cut into PDVSA’s profit margins in recent weeks.

Edited by Cira Pascual Marquina in Caracas.