As Trump crackdown cripples Venezuela’s economy, Maduro eyes private tankers for exporting oil

Key Highlights

• Why now?For years, Venezuela’s oil exports have been central to its economy.
• The country sits on the world’s largest proven crude reserves, yet production has plunged amid mismanagement, corruption, sanctions and economic collapse over the past decade. More from World From oil rush to near standstill: Chevron the last ship standing as US chokes Venezuelan exports US Coast Guard in 'active pursuit' of another tanker vessel near Venezuela amid Trump blockade: OfficialsIn recent weeks, the US has seized and intercepted multiple oil tankers in international waters near Venezuela, actions it describes as enforcement of existing sanctions against vessels tied to a so-called “shadow fleet” that moves sanctioned oil abroad.
• On December 10, US forces seized one vessel—the Skipper—and in the following weeks the US Coast Guard stopped others in the Caribbean. President Trump has publicly celebrated the actions, saying those tankers were seized “for a very good reason” and even suggesting the United States may “keep” the oil onboard. Quick ReadsView AllMyanmar junta controls only half the country as it holds first post-Suu Kyi election on SundayAre the US and China heading for a new chip war?
• Washington probe flags Beijing’s ‘aggressive’ pushBut critics call the moves a dangerous escalation of military and economic pressure that could destabilize the region and violate international norms—especially after the US announced a blockade of sanctioned oil tankers entering and leaving Venezuelan waters. Venezuela’s counterpunchCaracas has responded angrily. Venezuela’s National Assembly has passed a law criminalizing what it calls “acts of piracy” and blockades against its maritime commerce, with penalties up to 20 years in prison. STORY CONTINUES BELOW THIS ADPresident Nicolás Maduro’s government and representatives at the United Nations condemned the US actions as “theft” and an abuse of international law, while allies such as China and Russia have urged restraint. Maduro has even mobilised the Venezuelan navy to escort oil-related shipments bound for Asia, defying US pressure and demonstrating that Caracas isn’t backing down. What’s at stakeOil exports are arguably Venezuela’s largest source of revenue, and this latest round of US pressure targets that directly.
• With more than a dozen cargoes stranded offshore due to export disruptions, the country’s economy faces deeper turmoil even as officials scramble to store crude in floating tankers. For the Trump administration, the strategy appears aimed at squeezing the Ma.