The Trump administration moved to tighten its grip on Venezuelan oil by seizing two sanctioned tankers carrying petroleum. Plans are underway to ease some sanctions to oversee the global sale of Venezuelan oil. The U.S. Department of Energy stated that all oil transportation in and out of Venezuela must comply with U.S. laws and national security interests.
This control over Venezuela’s vast crude oil reserves could allow the Trump administration to impact global oil prices. The seizure of tankers in the North Atlantic and Caribbean Sea demonstrates the administration’s commitment to enforcing the oil embargo on Venezuela.
Vice-President JD Vance emphasized the U.S.’s ability to control where Venezuela’s oil is sold, exerting pressure on the country without military intervention. Secretary of State Marco Rubio indicated that the oil from seized vessels would be included in a deal where Venezuela supplies up to 50 million barrels of oil to the U.S.
The U.S. European Command announced the seizure of the Bella 1 for violating sanctions in the North Atlantic, and the motor tanker M Sophia in the Caribbean Sea. These actions are part of efforts to crack down on vessels involved in sanctions evasion, including those supporting countries like Venezuela, Russia, and Iran.
Additionally, the Trump administration plans to selectively lift sanctions to facilitate the sale of Venezuelan oil globally. The sale of 30 to 50 million barrels is set to start immediately, with proceeds deposited in U.S.-controlled accounts for distribution to American and Venezuelan populations.
Efforts also include authorizing the import of oil field equipment to boost Venezuela’s oil production and investing in the country’s electricity grid. These measures aim to stabilize Venezuela’s economy and improve living conditions amidst ongoing challenges.