Venezuelan Oil Exports Surge with New Supertanker Charters

Venezuelan oil exports are set to accelerate with the chartering of very large crude carriers (VLCCs) for the first time in years, following a supply agreement between Caracas and Washington. Trading firms Vitol and Trafigura are major players, exporting significantly to the U.S. and Caribbean.

Venezuelan oil exports are poised for a boost as trading houses and buyers charter very large crude carriers (VLCCs), marking the first such movements since a recent supply agreement with Washington. This development aims to expedite shipments, particularly enhancing deliveries to India, according to sources and data.

Trading giants Vitol and Trafigura have been active in exporting Venezuelan crude and fuel since January under a notable $2 billion deal struck between the U.S. and Venezuela. The majority of these exports have been transported in Panamax and Aframax tankers to American refineries, and in Suezmax vessels to Caribbean terminals like Curacao, St. Lucia, St. Eustatius, and the Bahamas. These locations serve as storage and re-shipment points to the U.S. and European ports, as per vessel movement data.

With the hiring of supertankers capable of carrying up to 2 million barrels each, the pace of deliveries at Venezuela's main oil terminal, Jose, is expected to increase significantly. Jose, managed by state energy company PDVSA, handles up to 70% of the nation's crude exports. PDVSA and Vitol did not provide any comments, while Trafigura declined to comment as well.