A crude tanker chartered by Trafigura departed from Venezuela's Jose port to Louisiana Offshore Oil Port (LOOP), marking the first cargo shipment of Venezuelan heavy oil directly to the US as part of a 50-million-barrel supply deal agreed this month between Caracas and Washington. The Liberia-flagged tanker Gloria Maris, carrying some 1 million barrels of Merey heavy crude, is the first sent by traders directly from Venezuela to a US port since the deal began.
This shipment follows recent cargo shipments to storage terminals in the Caribbean, which have been marketing and selling the crude to refiners worldwide. The traders have shipped between 10 million and 11 million barrels of Venezuelan oil as part of the supply deal so far, according to shipping data.
A smaller tanker, the Barbados-flagged Volans, also departed from Jose on Sunday carrying some 450,000 barrels of Venezuelan crude to the Bullen Bay terminal in Curacao. The traders are now preparing to begin exporting fuel oil as well, according to sources and documents.
Venezuela needs to drain most of the over 40 million barrels it accumulated in storage since last month before it can reverse output cuts made during a US blockade of all sanctioned tankers. This shipment is a significant step towards meeting the terms of the deal and restoring trade with the US.
The recent developments highlight the ongoing efforts to navigate the complex web of international sanctions and trade restrictions affecting Venezuela's oil exports.
This shipment marks an important milestone in the supply deal between Caracas and Washington, demonstrating the traders' commitment to meeting their obligations under the agreement. As the situation with Venezuela continues to evolve, it will be crucial for all parties involved to carefully manage their shipments and compliance with international regulations.
