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Oil firms are scrambling to secure tankers and organize operations for the safe transfer of Venezuelan crude to the U.S. for new exports, according to four sources familiar with the matter.
Following President Donald Trump’s statement that Venezuela would release up to 50 million barrels of sanctioned oil to the U.S., trading houses and oil companies, including Chevron, Vitol, and Trafigura, are reportedly vying for U.S. government-approved deals to export Venezuelan crude, sources indicated. Trafigura announced in a White House meeting Friday that its first vessel is anticipated to load within the coming week.
Venezuela, under a U.S. blockade for months, has been storing oil in tankers and has nearly filled its onshore storage tanks. These vessels are old, poorly maintained, and under sanctions. Even with U.S. licenses, other vessels are restricted from direct contact with sanctioned ships due to liability and insurance concerns, the sources noted. Onshore tanks, lacking maintenance for years, present additional risks for loading operations.
Maersk Tankers and American Eagle Tankers are among the shipping firms considering expanding their ship-to-ship transfer activities in Venezuela, three sources mentioned. Maersk Tankers may replicate its prior ship-to-shore-to-ship logistics from Amuay Bay in Venezuela, one source suggested. Maersk already operates in nearby Aruba and Curacao, islands frequently used for Venezuelan oil transfers. However, these transfers, while feasible in Aruba and U.S. ports, are more costly.
A shortage of smaller vessels needed to transport oil from storage vessels to piers for ship-to-ship transfers, along with inadequate equipment maintenance, will further complicate transfer operations, according to another shipping source. AET, which already assists Chevron in transferring Venezuelan crude to the U.S., is reportedly being approached by potential clients to increase its capacity in this area, two sources stated. Maersk Tankers, AET, and Chevron have not yet responded to requests for comment.
While supply could reach the previous level of 500,000 barrels per day exported to the U.S. before sanctions, depleting accumulated inventories in 90-120 days, achieving this target will be challenging if oil must be sourced from both tankers and onshore storage, sources cautioned.
Companies are also fiercely competing for loading slots at Venezuela’s main Jose oil terminal, which has capacity and speed constraints. Chevron, a key joint venture partner in Venezuela, is also aggressively working to maintain its advantageous position at Venezuelan terminals while preparing its vessel fleet, one source added.
Oil companies, including Chevron, Vitol, and Trafigura, are also securing supplies of much-needed naphtha, according to a source in Venezuela’s oil industry. Naphtha is typically mixed with heavy Venezuelan crude to reduce its density, facilitating transportation and refining.
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