A sanctioned Russian shadow fleet tanker has reached Venezuela’s waters after evading a U.S. destroyer. Previously, Bloomberg reported the sanctioned panamax carrier Seahorse unsuccessfully attempted to approach Venezuela three times, with the U.S. destroyer USS Stockdale blocking its path each time.
Seahorse has been used to transport naphtha, a lighter fuel distillate, from Russian refineries to Venezuela. The vessel has also been previously used in the Iran to Venezuela trade to carry distillate products.
Built in 2004, the 70,426-dwt tanker falsely claimed to belong to the Comoros. The EU sanctioned the tanker in May before the UK followed suit in July. The vessel’s last inspection was in the Russian Black Sea in October 2024, where it was flagged for multiple deficiencies including fire safety, steam and pressure pipes, lifeboats and other safety and operational issues.
Venezuela is a significant producer of heavy crude oil, which is a crucial feedstock for many American refineries. However, the U.S. has dramatically cut imports of Venezuelan oil, with China becoming Venezuela’s primary buyer.
Chevron (NYSE:CVX) has had a long-standing presence in Venezuela, partnering with the state-owned oil company, PDVSA, on five onshore and offshore production projects, including those focused on heavy crude.
In 2022, Chevron was granted a limited U.S. license to operate in the country, a move that allowed for some U.S. business and specified that revenues could not be transferred to the Venezuelan government. This license has been instrumental in increasing production volumes and refining economics for Chevron, while also offering the potential for PDVSA to re-establish a presence in global markets. Chevron exported ~240,000 barrels per day of crude from its Venezuela operations, more than 25% of the country’s entire oil output. However, that changed in February after U.S. President Donald Trump reversed the license, accusing Venezuelan President Nicolas Maduro of failing to make migrant returns and electoral reforms.
The attempt to trap the Russian tanker could be an indication that Trump will pursue a “maximum pressure” approach against Venezuela, similar to what he did in his first term.
Washington’s recent escalation of covert activity in Venezuela has pushed the country’s political and energy crisis onto sharper edge, with Trump authorizing the CIA to expand operations targeting Nicolás Maduro’s security apparatus as the OPEC member’s oil sector continues to unravel. The new mandate enables deeper intelligence work and support for dissident military elements at a time when Venezuela’s crude output is already crippled by infrastructure decay, sanctions pressure, and factional infighting.
By Alex Kimani for Oilprice.com
