{"id":101474,"date":"2026-02-25T00:33:04","date_gmt":"2026-02-25T03:33:04","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/895302201"},"modified":"2026-02-25T00:33:04","modified_gmt":"2026-02-25T03:33:04","slug":"venezuela-lines-up-larger-oil-cargoes-as-exports-to-india-set-to-rise","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/02\/25\/venezuela-lines-up-larger-oil-cargoes-as-exports-to-india-set-to-rise\/","title":{"rendered":"Venezuela lines up larger oil cargoes as exports to India set to rise"},"content":{"rendered":"

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<img width="590" height="442" class="unveil" loading="eager" src="https:\/\/energy.economictimes.indiatimes.com\/images\/default.jpg" data-src="https:\/\/etimg.etb2bimg.com\/photo\/128767816.cms" captionrendered="1" alt="<\/p>\n

The larger shipments could also help reduce the millions of barrels currently stored in Venezuela.<\/p>\n

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The larger shipments could also help reduce the millions of barrels currently stored in Venezuela.<\/span><\/figcaption><\/figure>\n

Trading houses and buyers of Venezuelan crude have chartered the first very large crude carriers (VLCCs) to load oil from the South American nation since a supply deal between Caracas and Washington began, a move expected to boost deliveries to India, Reuters reported, citing sources and shipping data.<\/p>\n

The use of VLCCs \u2014 which can carry up to 2 million barrels of oil each \u2014 is expected to lower transportation costs, ease shortages of smaller tankers and speed up deliveries from next month. The larger shipments could also help reduce the millions of barrels currently stored in Venezuela.<\/p>\n

At least three VLCCs chartered by trading firms Vitol and Trafigura \u2014 Nissos Kea, Nissos Kythnos and Arzanah \u2014 have been allocated March loading slots at Venezuela\u2019s main Jose terminal, operated by state energy company PDVSA, which handles about 70 per cent of the country\u2019s crude exports. The cargoes are bound for India, sources said.<\/p>\n

Another VLCC, Olympic Lion, signalled Venezuela as its destination this week with an expected arrival in late March, according to LSEG ship tracking data, said Reuters.<\/p>\n

Since January, most Venezuelan exports had been shipped on medium-sized Panamax and Aframax tankers, capable of carrying between 450,000 and 700,000 barrels, mainly to US refineries. Some volumes were also moved via Suezmax vessels to Caribbean terminals for onward shipment to US and European ports.<\/p>\n

The shift to larger cargoes could help trading houses reduce costs at a time when Venezuelan Merey heavy crude has been sold at around $15 per barrel below Brent. Traders have said such pricing has become less attractive amid market backwardation, where later deliveries are cheaper than prompt supplies.<\/p>\n

US oil major Chevron has sold its first cargo of Venezuelan crude to India\u2019s Reliance Industries since December 2023, according to shipping data and sources. The Boscan crude cargo, expected to be shipped on the vessel Ottoman Sincerity, marks the first sale of that heavy grade in about six years.<\/p>\n

Reliance has also purchased a 2-million-barrel cargo from Vitol for March loading and is seeking to buy directly from PDVSA, sources said. Additionally, Indian refiners including Indian Oil Corp, Bharat Petroleum Corp and HPCL Mittal Energy (HMEL) have recently acquired Venezuelan heavy crude cargoes as India looks to reduce its reliance on Russian oil imports.<\/p>\n

India was the third-largest buyer of Venezuelan crude before US sanctions were imposed in 2019. Venezuelan exports rose to about 800,000 barrels per day (bpd) in January after a US oil blockade was lifted, up from roughly 500,000 bpd in December. The rapid increase has left millions of barrels initially intended for US and European buyers unsold in storage.<\/p>\n

Chevron and several US refiners, including Valero Energy, Phillips 66 and Citgo Petroleum, are preparing to raise Venezuelan oil processing at their facilities, which could further increase exports. Reuters reported that Chevron and some US refiners have hired dozens of Aframax and Panamax tankers under time-charter contracts to transport Venezuelan crude.<\/p>\n

The move to VLCCs is also expected to ease the tight availability of medium-sized tankers in the Caribbean, sources said.<\/p>\n

Vitol, Trafigura and Chevron have been exporting Venezuelan oil under individual US licenses. In late January, the US Treasury Department issued a general license broadly permitting oil exports, a step expected to expand the pool of buyers and destinations for Venezuelan crude, Reuters reported.
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