Trump confirms reports the US seized large oil tanker off Venezuela
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The news: US forces have seized a large oil tanker off Venezuela’s coast, President Donald Trump confirmed Wednesday, calling it “the largest one ever seized.”
According to CNBC, Trump was speaking during a meeting in the Roosevelt Room at the White House. He did not provide details about the vessel’s ownership or destination.
Bloomberg, citing a senior administration official, reported the seizure was a “judicial enforcement action on a stateless vessel” that had last docked in Venezuela.
Three officials told Reuters the US Coast Guard led the operation.
The context: The move follows a significant US military build-up in the region, and over 20 strikes on boats Washington says were used to traffic drugs.
The controversial strikes have intensified tensions, as Maduro has accused the US of attempting to seize Venezuela’s oil and has mobilised military assets in response to what he described as growing threats.
The numbers: Oil prices rose on the news, with Brent crude climbing up to 0.8% in London and US crude also higher.
Venezuela, which holds the world’s largest proven oil reserves, exported over 900,000 barrels per day last month, mostly to China at steep discounts due to sanctions, Reuters noted.
Matt Smith, an oil analyst at energy consulting firm Kpler told CNBC shippers may now be more hesitant to load Venezuelan crude.
