Iranian oil tanker reaches Venezuelan waters, as countries defy U.S. sanctions to trade oil

The first of five Iranian oil tankers entered Venezuela’s waters on Monday to deliver more than a million barrels of oil. The move is in defiance of President Trump’s sanctions on both countries. Washington is monitoring the vessel, but Iran and Venezuela have instructed the U.S. not to interfere with the delivery.

The five vessels are being escorted by the Venezuelan air force and navy.

Venezuela, despite possessing the world’s largest supply of oil reserves, is currently running low on refined fuel, amid political and economic turmoil.

Venezuelan President Nicolás Maduro thanked Iran for its support, calling both nations “revolutionary peoples who will never kneel down before North American imperialism.”

“Venezuela and Iran both want peace, we have the right to trade freely,” said Maduro in a televised statement.

“Venezuelans need free and fair presidential elections leading to democracy and economic recovery, not Maduro’s expensive deals with another pariah state,” retorted a U.S. State Department spokeswoman.

The United States recognizes Venezuelan opposition leader Juan Guaidó as the country’s legitimate president.

Venezuela has been in crisis for years. But the recent drop in global oil prices, in addition to two new rounds of sanctions launched against companies trading with Venezuelan crude oil in international markets, has left the country with problems it can no longer ignore.

Refined oil has been strictly rationed for several months now, forcing citizens to wait through the night on lines for no more than 30 liters of fuel.