Venezuela oil exports are declining amid sanctions

Since the beginning of the year, several tankers loaded with oil and fuel from Venezuela have left the country's territorial waters. This was reported by Zamin.uz.

This situation has been confirmed by open sources and industry representatives. The movement of the ships is being monitored against the backdrop of strict sanctions imposed by the United States on Venezuela.

US President Donald Trump emphasized that the ban on Venezuelan oil trade remains in effect. Nevertheless, it has been noted that some tankers have operated in a covert manner.

In particular, at least four tankers passed near Margarita Island and left the country's waters. According to experts, these tankers are under sanctions and are mainly used to deliver Venezuelan oil to China.

Additionally, some smaller vessels left the country after internal transportation or unloading imported cargo. Due to US restrictions, the Venezuelan state oil company has been forced to accumulate oil reserves, which has led to a reduction in export volumes.

As a result, the company has reduced oil production and temporarily suspended operations at some wells. Oil exports remain the main source of income for the Venezuelan economy.