Dispute over the largest oil reserves in the world and Maduro’s strategy to suffocate the economy motivate an offensive that has already seized three vessels in 10 days
consolidating a rapid escalation in the strategy of economic suffocation against the government of . The operation, confirmed by international agencies, is the second carried out just this weekend and the third in an interval of just over 10 days. The Panamanian-flagged ship was boarded by the US Coast Guard while heading to Venezuelan terminals to load, in direct compliance with recent orders from the White House to block sanctioned vessels.
Behind this recent wave of ship interceptions off the Venezuelan coast, there is a geopolitical dispute centered on the largest oil reserve in the world. According to the Energy Information Administration (EIA), it has around 303 billion barrels in proven reserves, which represents 17% of all known volume on the planet, surpassing giants such as Saudi Arabia and .
Although the potential is vast, the extraction of Venezuelan oil faces obstacles. Most of the resource is of the extra-heavy type, whose production requires high investments and advanced technology, items that are scarce in the country due to deteriorated infrastructure and international sanctions.
US strategic interest
The government’s offensive fulfills a double objective. In addition to strangling the main source of revenue for Nicolás Maduro’s government, the maneuver serves the domestic interests of the United States. EIA data indicates that Venezuelan heavy oil is technically ideal for processing in American refineries, especially those located on the Gulf Coast.
Since 2019, when tougher sanctions were imposed on the Venezuelan energy sector, trade has come to depend on a “ghost fleet” — ships that turn off trackers to hide routes and avoid punishment. However, the current blockade already creates logistical bottlenecks: without being able to export, Caracas faces a lack of capacity to store the accumulated production.
Global market impact
It is currently the largest buyer of Venezuelan commodities, absorbing around 4% of its total imports. The estimate is that December shipments will exceed 600 thousand barrels per day. Although the Chinese market is currently supplied, analysts warn that maintaining the American blockade could remove almost a million barrels per day from the global market, putting upward pressure on international prices.
Expanded military offensive
The siege on oil tankers occurs in parallel with a broader military operation ordered by Trump in the Caribbean and the Pacific, under the justification of combating the smuggling of fentanyl and other drugs. Since September, attacks on suspected vessels have resulted in more than 100 deaths.
The aggressive stance was reinforced by statements from the White House chief of staff, Susie Wiles. In a recent interview, she stated that the president’s intention is to continue attacking vessels until the Venezuelan leader surrenders to American pressure.
