Venezuelan state oil company PDVSA has received at least two oil tankers in recent days, with additional vessels navigating toward the country, signaling Caracas’ efforts to maintain exports despite tightened U.S. sanctions.

The U.S. blockade, announced earlier this month by President Donald Trump, targets all sanctioned vessels entering or leaving Venezuelan waters. The move has halved the country’s oil exports compared with November levels, as U.S. authorities seize cargoes and patrol the Caribbean Sea, prompting many shipowners to alter their routes or cancel deliveries altogether.

Despite the heightened pressure, a small number of tankers have continued toward Venezuelan ports. Monitoring service TankerTrackers.com reports that two sanctioned vessels recently reached Venezuela, while two non-sanctioned ships are approaching its coast. These shipments are part of arrangements that allow Venezuela to pay debt obligations—including to China—with crude oil, a mechanism in place since U.S. energy sanctions were first imposed in 2019. It remains unclear whether China will request U.S. approval to ensure delivery of these cargoes.

PDVSA has not responded to requests for comment, though both the company and the Venezuelan government have pledged to continue oil exports. Company sources indicate PDVSA is negotiating price discounts and contract adjustments with buyers to avoid cargo returns and potential production cuts, but frustration is growing among customers due to limited options for shipping oil, even on non-sanctioned tankers.

A recent cyberattack forced PDVSA to temporarily shut down its centralized administrative system, slowing the pace of cargo deliveries. The company is now using ships as floating storage, both to manage export schedules and preserve crude and fuel supplies. Only Chevron’s vessels, operating under U.S. authorization, and small ships carrying petrochemical products are currently leaving Venezuelan ports.

This pattern echoes the 2020 sanctions, when PDVSA had to rely on lesser-known intermediaries to sell crude to China, resulting in output declines, refinery shutdowns, and widespread fuel shortages. It took several years for Venezuela to recover production levels near 1 million barrels per day and stabilize exports.

As of this week, nearly two dozen tankers remain visible near the Jose port, waiting for loading windows or departure instructions. Estimates suggest that the volume of oil stranded in these vessels has risen to approximately 16 million barrels, up from 11 million barrels in mid-December.