Trump’s blockade of Venezuela’s oil tankers: Will it cause disruption in the global crude market?
US President Donald Trump’s latest escalation in tensions and blockade of Venezuela oil tankers may have little impact on the global crude oil market, believes global real-time data and analytics provider Kpler. “The move has so far failed to provide a meaningful boost to oil prices or to overturn underlying fundamentals, largely because the market is two-tiered and even the sanctioned segment remains crowded,” says Kpler in its latest report.
In 2025, Venezuela is producing approximately 900,000 barrels per day (kbd) of crude oil and condensate, which makes up about 1% of the global oil supply. Of the 765,000 barrels per day that Venezuela exports, around 76% is sent to China, specifically to independent refiners known as teapot refiners. This is because state-owned companies are avoiding these shipments due to concerns over sanctions.
