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
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 starting in March while boosting deliveries to India, according to four sources and data.
Trading firms Vitol and Trafigura have been exporting Venezuelan crude and fuel since January as part of a $2 billion deal between the U.S. and Venezuela after the capture of President Nicolas Maduro by U.S. forces.
Most of the exports have moved in smaller 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 traders have been storing oil and shipping it to U.S. and European ports, according to vessel movement data.
VLCCs, which carry up to 2 million barrels each, can accelerate the pace of deliveries at Venezuela's main oil terminal, Jose. The terminal is operated by state energy firm PDVSA and handles up to 70% of total crude exports.
BIGGER SHIPMENTS COULD LOWER COSTS
The larger cargoes could cut transportation costs for traders and buyers, who have complained that prices around
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