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After new US interceptions, oil loading in Venezuela has slowed. More ships are making U-turns.

According to tracking data, and sources, tanker loading in Venezuela has decreased on Monday. Most ships are only moving oil cargoes between domestic ports after U.S. action against two more ships, and while state-run PDVSA is struggling to recover from a recent cyberattack. U.S. officials said that the U.S. Coast Guard seized this month an oil supertanker carrying Venezuelan oil under sanctions and attempted to intercept "two more" Venezuela-related ships on the weekend. The U.S. Coast Guard seized a supertanker carrying Venezuelan oil this month and tried to intercept?two more?Venezuela-related ships over the weekend, U.S. authorities said.

Washington hasn't provided any updated information about the ships. Last week, U.S. president Donald Trump announced a ban on all oil tankers that are subject to sanctions from entering or leaving Venezuela. Trump's campaign of pressure on Venezuelan president Nicolas Maduro includes a stepped-up military presence and over two dozen military attacks on vessels that the U.S. claims are "transporting drugs" in the Pacific Ocean or Caribbean Sea near South America nation. At least 100 people were killed.

OIL PRICES ARE RISING

The interceptions of the vessels have been the biggest blow to PDVSA ever since the U.S. Treasury Department imposed sanctions in 2020 on two units from Rosneft that were former oil trading companies owned by PDVSA, forcing them to reduce their output and exports.

Brent crude futures rose?2.17% on Monday to $61.78 per barrel, while U.S. WTI oil rose 2.2% to $57.77 in response to U.S. action and Russia's conflict with Ukraine. Both developments raised fears of supply disruptions.

PDVSA delivered heavy crude of 1.9 million barrels to the Aruba flagged vessel Azure Voyager on Monday at the Jose port. However, no other supertanker bound towards Asia was scheduled to load anytime soon, according documents from the company.

In recent days the number of tankers loaded with Venezuelan oil that haven't left has increased. Millions of barrels are stuck on ships while customers demand higher discounts and contract modifications to make risky trips beyond Venezuelan waters.

LSEG monitoring data revealed on Monday that some tankers nearing Venezuela's coastline, whether to load oil to export or deliver imported naphtha for import, made U-turns recently or suspended navigation until owners clarified instructions to load.

PDVSA slowly restores some online systems, and is resorting to paper records following a cyberattack that occurred last week. Sources said that the company was unable to re-establish its centralized administrative system and many employees have not received their salary on time.

PDVSA, Venezuela's Oil Ministry and the Venezuelan Oil Ministry did not respond to requests for comments. Yvan GIL, the country's Minister of Foreign Affairs, stated on Monday that U.S. seizures violate international law and constitute "acts" of piracy.

China's Foreign Ministry stated on Monday that the recent U.S. interception was a serious breach of international law.

LSEG ship data revealed that PDVSA's principal joint-venture partner Chevron shipped a 500,000 barrel cargo of?Venezuelan crude oil to the U.S. Gulf Coast via one of its tankers on Sunday. The shipment was authorized by the United States.

In a post on social media, Delcy Rodriguez, Venezuela's Oil Minister said that Venezuela hadn't interrupted Chevron's deliveries. The video included showed the Venezuelan maritime authority watching over the departure of the ship.

Monitoring data shows that Chevron exported seven cargoes of Venezuelan oil into the U.S. in this month. Each one contained between 300,000 to 500,000 barrels.

US ACTIONS PURSUED

A satellite image acquired by TankerTrackers.com revealed that the Panama-flagged supertanker Bella 1 was drifting northeast of Bermuda, in the Caribbean on Monday.

An official from the United States told reporters on Sunday that no one had boarded the tanker and that there were many ways to intercept vessels, including flying or sailing close.

On Sunday, maritime sources reported that the loaded vessel Skipper - the first to be seized by the U.S. in this month - had reached an area near Galveston port, Texas, for the transfer of oil cargoes.

(source: Reuters)