Venezuela readies larger oil cargoes for exports, targets India

Trading houses ​and buyers of Venezuelan oil have chartered ​the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, ‌which is ⁠set ⁠to speed up shipments from March while boosting deliveries ​to India, according to sources and data.

Trading firms Vitol and ​Trafigura have been exporting Venezuelan crude and fuel since January as part of a flagship $2 billion ​deal the U.S. and Venezuela ⁠agreed in ‌the aftermath of the capture of ​President Nicolas ​Maduro by U.S. forces.

The lion's ⁠share of exports have gone in Panamax ​and Aframax tankers to U.S. refineries, and ​in Suezmaxes to terminals in Curacao, St. Lucia, St. Eustatius and the Bahamas in the Caribbean, where the traders have been storing and shipping to U.S. and European ports, according ‌to vessel movement data.


Hiring supertankers that carry up to 2 million barrels ​each can accelerate ​the pace ⁠of deliveries at Venezuela's main oil terminal Jose, which is operated by state energy firm PDVSA and handles ​up to 70% of total crude exports.

PDVSA and Vitol did not reply to requests for comment. Trafigura declined to comment.