Venezuela's oil output in the Orinoco Belt, its richest region and which accounts for almost two-thirds of the total production, has plummeted since the U.S. began enforcing a blockade of sanctioned tankers in December, according to a new report.
Citing internal data at state-run oil company PDVSA, Bloomberg detailed that production in the region dropped 25% from two weeks prior. The company has begun shutting some wells because it's running out of storage unit as it continues to be unable to load oil in tankers. This represents a major blow to the Nicolas Maduro regime, as more than 95% of the country's revenue comes from oil sales.
Reuters reported in late December that the White House ordered military forces to focus on enforcing a "quarantine" of tankers off the Venezuelan coast for the next two months.
A White House official told the outlet that while "military options still exist, the focus is to first use economic pressure by enforcing sanctions to reach the outcome the White House is looking."
"The efforts so far have put tremendous pressure on (authoritarian President Nicolas) Maduro, and the belief is that by late January, Venezuela will be facing an economic calamity unless it agrees to make significant concessions to the U.S.," the official added.
Some sanctioned tankers have, however, made it to Venezuela. Reuters reported this week that at least two recently arrived in the country and more are on their way. It added that two others were approaching the country's coast. They are part of a fleet used by China and Venezuela to pay debt service with crude at discounted prices.
In another passage of the report, Reuters said that the only loaded vessels departing the country are Chevron's, which Washington has authorized to continue operating, and smaller ones carrying oil byproducts and petrochemicals.
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