US seizes large oil tanker off Venezuelan coast

The US has seized an oil tanker off the coast of Venezuela, President Donald Trump has announced.

"As you probably know, we just seized a tanker off the coast of Venezuela, a big one... actually the biggest ever seized... you'll see this later and we'll talk about this later with some other people," the president told reporters during a White House event on Wednesday afternoon.

Oil futures rose on 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, while U.S. West Texas Intermediate crude futures rose 21 cents to $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-owned company PDVSA imported more crude to ease its extra-heavy oil production.

Even amid mounting pressure on Venezuelan President Nicolas Maduro, Washington had taken no steps to interfere with the country's oil flows.

Oil exports are Venezuela's main source of income.

The country has had to make deep discounts on crude oil to its main buyer, China, due to increasing competition with sanctioned oil from Russia and Iran.

Venezuelan President Nicolas Maduro has claimed that the US military buildup in Venezuela is aimed at removing him from power and taking control of the OPEC member country's vast oil reserves.

Trump has repeatedly raised the possibility of US military intervention in Venezuela./  Reuters

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