Oil Tankers Turn Away From Venezuela As More Sanctions Loom

Reuters: Exclusive: Oil tankers turn away from Venezuela as more sanctions loom

MEXICO CITY/LONDON (Reuters) - Oil tankers that were sailing toward Venezuela have turned around and others have left the country’s waters as the United States considers blacklisting dozens of ships for transporting Venezuelan oil, according to shipping data and industry sources.

The threat of tighter sanctions is already disrupting the global shipping market. Chinese oil firms are considering whether to decline to charter any tanker that has visited Venezuela in the past year, no matter where the ship is now or for what voyage, four shipping sources told Reuters on Tuesday.

Washington is seeking to oust the socialist government of President Nicolas Maduro by choking the oil exports that provide its main source of income. The measures have contributed to a fall in Venezuelan oil exports to a 17-year low and deepened the country’s economic crisis, but Maduro has held on - to the frustration of U.S. President Donald Trump’s administration.

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Update #1: US sets plan to expand sanctions against tankers (FOX News/WSJ)
Update #2: U.S. Set to Sanction Dozens of Tankers Over Venezuela-Iran Oil Trade (GCaptain/Bloomberg)

WNU Editor: It looks like some Chinese companies are getting the message .... Chinese firms may halt use of oil tankers that visited Venezuela (Al Jazeera).