Venezuela’s oil exports have fallen sharply since the United States seized an oil tanker on December 10, with only Chevron-operated vessels sailing in international waters carrying Venezuelan crude, according to shipping data, documents and maritime sources.
The Tanker Seizure
U.S. forces seized an oil tanker known as The Skipper off the coast of Venezuela on December 10, 2025. The vessel, which was sanctioned by the U.S. in 2022, was carrying approximately 1.1 million barrels of Venezuelan crude oil.
President Donald Trump confirmed the seizure, stating it was part of a pressure campaign against Venezuelan President Nicolás Maduro. When asked what would happen to the oil, Trump said, “We keep it, I guess.”
The U.S. stated the tanker was used to transport sanctioned oil from Venezuela and Iran in what officials described as an “illicit oil shipping network supporting foreign terrorist organizations.” Venezuelan Foreign Minister Yván Gil called the action “international piracy” and “blatant theft.”
Impact on Tanker Traffic
Oil tanker movements into and out of Venezuelan waters have come to a near standstill since the seizure, according to shipping data, documents and maritime sources.
Only tankers chartered by U.S. oil major Chevron have sailed into international waters carrying Venezuelan crude since the Wednesday seizure, according to Reuters shipping data and documents.
About 11 million barrels of oil and fuel remain on tankers in Venezuelan waters. Some of these vessels have been sanctioned by the U.S. for ties to Iran or Russia.
More than 30 sanctioned vessels are currently in Venezuelan waters.
Chevron Operations Continue
Chevron Corporation holds a U.S. government authorization to operate through joint ventures with state oil company PDVSA and export oil to the United States.
Chevron has exported two cargoes of Venezuelan heavy crudes to the U.S. in December, both departing after the seizure. Two more were loading on Friday, December 12, according to shipping data.
Chevron stated this week it was operating in Venezuela “without disruption and in full compliance with laws and regulations applicable.”
Recent Export Data
In November 2025, Venezuela’s exports reached approximately 952,000 barrels per day, the third-highest monthly average for the year. The country used more diluents to produce exportable grades.
About 80% of November shipments were sent directly and indirectly to China. Exports to the U.S. reached approximately 150,000 barrels per day.
Venezuela’s oil exports flowed normally in early December prior to the seizure, according to data and documents.
Additional U.S. Actions
Washington sanctioned six supertankers this week that recently loaded Venezuelan oil, along with related shipping companies.
The seizure of The Skipper was the first interdiction of an oil cargo or tanker from Venezuela, which has been under U.S. energy sanctions since 2019.
The U.S. has conducted a large-scale military build-up in the southern Caribbean.
Venezuelan Government Response
Venezuela condemned the seizure as a violation of international law. PDVSA and Venezuela’s oil ministry on Friday held a teleconference for executives, workers and joint venture managers, led by minister Delcy Rodriguez from PDVSA headquarters in Caracas.
Background
Oil exports are Venezuela’s primary source of foreign revenue. The country has some of the world’s largest oil reserves, but production has declined significantly due to underinvestment, operational issues at state oil company PDVSA, and U.S. sanctions imposed since 2019.
