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US seizes oil tanker off coast of Venezuela, officials say
WASHINGTON, Dec 10 (Reuters) – The U.S. has seized an oil tanker off the coast of Venezuela, three officials told Reuters on Wednesday, a move that raised oil prices and is likely to further inflame tensions between Washington and Caracas.
President Donald Trump has ordered a massive U.S. military build-up in the region, including an aircraft carrier, fighter jets and tens of thousands of troops. The officials, speaking on the condition of anonymity, said the operation was led by the U.S. Coast Guard. They did not name the tanker, which country’s flag it was flying or exactly where the interdiction took place.
Oil futures rose following news of the seizure, after trading in negative territory earlier in the day. Global Brent crude futures were trading at $62.35 a barrel, up 41 cents, at 2:32 p.m. ET, while U.S. West Texas Intermediate futures settled up 21 cents at $58.46 a barrel.
The Coast Guard referred questions to the White House, which did not immediately respond to a request for comment. The Venezuelan government did not immediately respond to a request for comment. Venezuela exported more than 900,000 barrels per day (bpd) of oil last month, the third-highest monthly average so far this year, as state-run company PDVSA imported more naphtha to dilute its extra heavy oil output. Even amid increasing pressure over Venezuelan President Nicolas Maduro, Washington had not moved to interfere with the country’s oil flows.
Oil exports are Venezuela’s main source of revenue. The country has had to deeply discount its crude in its main buyer, China, due to growing competition with sanctioned oil from Russia and Iran. Venezuelan President Nicolas Maduro has alleged that the U.S. military build-up off Venezuela is aimed at overthrowing him and gaining control of the OPEC nation’s vast oil reserves.
Trump has repeatedly raised the possibility of U.S. military intervention in Venezuela.
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