Drifting Tanker Highlights Significant Obstacle to Trump’s Strategy for Restoring Venezuela’s Oil Industry

US Blockade Puts Venezuela’s Oil Production in Jeopardy

A tanker drifting off the Venezuelan coast in the Caribbean highlights the significant challenges facing Venezuela’s oil industry after the US apprehended President Nicolás Maduro.

According to data from Vortexa, the Sea Maverick—a vessel associated with the so-called “dark fleet” that transports sanctioned Russian oil—has been circling near Venezuela since the start of January, following tighter US restrictions. The ship is loaded with approximately 380,000 barrels of naphtha, a vital petroleum product Venezuela relies on to dilute its dense crude oil for export.

Key Bloomberg Headlines

The Sea Maverick’s prospects for offloading its cargo have diminished further since Maduro’s detention. US Secretary of the Interior Doug Burgum told Fox Business Network that Washington is determined to eliminate Russian involvement in Venezuela’s oil sector, including banning Russian naphtha sales to Caracas.

This situation illustrates the broader consequences of US efforts to tighten control over Venezuela’s oil assets. Without Russian diluents, Venezuela’s ability to produce crude is threatened, and it remains uncertain how swiftly the US can compensate by shipping naphtha from the Gulf Coast. Facing these constraints, Venezuela has already begun shutting down wells as storage capacity dwindles.

Impact of Sanctions and Shifting Alliances

Venezuela’s oil output has been declining for years due to chronic underinvestment and economic isolation. However, US President Donald Trump has stated that major oil companies are prepared to invest at least $100 billion to boost production. Transitioning to US-supplied naphtha would not only increase Washington’s influence in Venezuela’s oil industry but also curb Moscow’s presence in the region.

“The US blockade has been quite effective in preventing Russian naphtha from reaching Venezuela,” said Samantha Hartke, head of market analysis for the Americas at Vortexa. “That’s the main achievement so far.”

Vortexa’s figures show that Russia supplied Venezuela with about 30,000 barrels of naphtha daily last year—far more than any other nation. That supply has now stopped entirely. Over half of Venezuela’s roughly 1 million barrels per day of oil comes from the Orinoco Belt, an area producing heavy crude that must be diluted for export, especially to major buyers like China.

US Looks to Fill the Supply Gap

The US has indicated plans to replace Russian naphtha with American light crude, though specifics and timing remain uncertain.

According to a recent Energy Department fact sheet, “US diluent (light crude oil) will be sent to Venezuela as needed to blend, upgrade, and facilitate the transport of Venezuela’s extremely heavy crude oil.”

It’s unclear which type of light crude is being referenced, with traders speculating it could be naphtha, C5 (a light gasoline blendstock), or West Texas Light from the Permian Basin.

Historically, the US was Venezuela’s main naphtha supplier. In 2018, before the US imposed strict sanctions on Venezuela’s state oil company, all of Caracas’s naphtha imports came from the US Gulf Coast through trading firms such as Reliance Industries, Citgo Petroleum’s LDC Supply Trading, Vitol Group, and Trafigura.

More recently, Chevron reportedly provided diluents as part of a “cargo swap” arrangement, where oil products are exchanged in lieu of cash for Venezuelan crude.

However, last year President Trump revoked licenses for some energy companies, including Chevron, to operate in Venezuela, prompting Caracas to turn to Russia for naphtha. Even after licenses were restored, Venezuela continued to rely almost exclusively on Russian supplies, likely to strengthen economic ties.

Potential for US Naphtha Exports to Rebound

If US naphtha shipments to Venezuela resume, American producers could offload excess inventory that has accumulated since Venezuela became inaccessible. As of October, US naphtha stockpiles were at their highest seasonal level since 2023, according to the Energy Information Administration.

“US naphtha exports have struggled without access to the Venezuelan market,” Hartke noted. The Energy Department’s recent statements suggest that a renewed flow of naphtha to Venezuela may be imminent.

Top Stories from Bloomberg Businessweek

©2026 Bloomberg L.P.