US sanctions will limit Maduro's income from Venezuelan oil.
Tightening US sanctions on Venezuelan oil exports will limit President Nicolás Maduro's income and hinder the operations of key oil companies, but will not cause a serious crisis in the global market, Reuters reports.
Washington has already imposed sanctions on six tankers involved in transporting Venezuelan oil and their associated shipping companies, as well as on members of the Maduro family. According to LSEG, at least a dozen vessels are under threat of seizure in Venezuela's exclusive economic zone.
Exports are forecast to decline to 702,000 barrels per day in December, the lowest since May. However, heavy oil production in the Orinoco Basin will continue, as Chevron has received permission to operate its joint ventures, which supply approximately 250,000 barrels per day.
As a result, the overall decline in production and exports could amount to 300,000–500,000 barrels per day, which will not have a significant impact on the global oil market, where a supply surplus is expected in 2026.
