United States Detains Third Tanker Bound for Venezuela

The United States has detained another tanker — the third — bound for Venezuela to load petroleum products.

Bloomberg reported this news.

The vessel is the Bella 1, which sails under the Panamanian flag.

According to the report, if Venezuela loses the ability to export oil, storage facilities would quickly fill with unsold supplies, forcing state-owned Petróleos de Venezuela SA (PDVSA) to shut down oil wells, industry experts say.

The recent detention of the tanker Centuries prompted a sharp reaction in the oil industry, particularly because the cargo belonged to a Chinese company.

Although the vessel itself was not on U.S. sanctions lists, it was carrying PDVSA oil, which is subject to U.S. sanctions.

Venezuelan Vice President and Oil Minister Delcy Rodríguez condemned the “theft and hijacking” of the Centuries tanker, calling the U.S. actions “a serious act of piracy.”

Experts say the country could face serious challenges in the sector due to the halt in exports.

“PDVSA is filling its tanks and coastal vessels, which are usually used for short domestic trips. There are only a few days left before production stops,” said Evana Romero, an oil adviser to Venezuelan opposition leader María Corina Machado.

Romero, a veteran of Venezuela’s oil industry who now lives in Houston, said an imminent collapse in output could trigger unrest amid a sharp fall in the national currency and worsening access to food.

Further escalation could reduce the country’s exports even more and negatively affect production, including by limiting supplies of solvents needed to transport Venezuelan crude.

At the same time, U.S. officials have said they do not expect the developments to have a significant impact on global oil prices.