On January 12 and 13, three supertankers departed Venezuelan waters loaded with nearly 1.8 million barrels of crude each, directed north towards the Caribbean. This move aligns with an emerging 50 million-barrel supply arrangement between Caracas and Washington, currently under negotiation but not yet officially confirmed by either PDVSA or U.S. authorities. This agreement is part of a wider, U.S.-supervised effort to unblock Venezuelan oil sales and channel proceeds towards humanitarian and stabilization efforts in Venezuela.
Global commodity traders Trafigura and Vitol recently secured U.S. licenses permitting them to trade Venezuelan crude, marking a significant shift in market access with downstream buyers in the United States, India, and China initiating preliminary discussions. These developments occur amid PDVSA’s internal audit and recovery from a recent cyberattack that disrupted operations.
Despite the restart, Venezuela’s oil sector faces enduring challenges: deteriorated infrastructure, aging refineries functioning below 30% capacity, a strained workforce, and legal uncertainties deter significant foreign direct investment. Chevron and other international producers remain cautious, demanding clearer regulatory frameworks before expanding operations. The resumption of exports is expected to relieve inventory bottlenecks and gradually restore production, though recovery to pre-2016 volumes exceeding 2 million bpd would require substantial capital infusion and institutional reforms.
This tentative reopening of Venezuela’s oil sector under U.S. oversight is reshaping regional supply dynamics, with potential lasting impacts on global heavy crude markets and refining configurations, particularly in the Gulf of Mexico and Asia.
This article was curated and published as part of our South American energy market coverage.
