The United States has seized the oil tanker Olina in the Caribbean, marking the fifth vessel targeted in recent weeks as part of Washington's intensified enforcement campaign to restrict Venezuelan oil exports. According to a Reuters report, the tanker was operating under a false Timor-Leste flag and had previously departed from Venezuela before being intercepted following a lengthy pursuit. Its tracking system was last active 52 days ago in Venezuela's Exclusive Economic Zone.
This action is part of a broader strategy to target a "shadow fleet" of vessels transporting crude with limited oversight, aimed at preventing sanctions evasion. The Olina was first sanctioned by the U.S. in January last year under the name Minerva M.
Concurrently, in a separate but related development, former President Donald Trump reportedly gathered top executives from Exxon, Chevron, Repsol, and Eni in the Oval Office and demanded they contribute $100 billion to restart Venezuela's oil industry. Trump asserted that the U.S., following the January 3 raid that detained Venezuelan President Nicolás Maduro, now controls the country's oil assets. "You're dealing with us directly. You're not dealing with Venezuela at all," he stated.
However, oil executives expressed significant reluctance due to the high-risk environment. Exxon's CEO cited past asset seizures, calling the country "uninvestable" currently. While Chevron handles about 20% of Venezuela's current output and others like Repsol are open to scaling operations, no immediate financial commitments were made. The U.S. administration plans to ease sanctions only under strict U.S. control, with oil sale proceeds going into U.S.-held accounts, working with interim authorities led by Delcy Rodríguez.
Energy analysts remain skeptical, with Rystad Energy noting it could cost $8-9 billion annually to triple Venezuela's production by 2040, requiring political stability unlikely to emerge soon.
