Venezuelan crude is re-entering the mainstream oil market following a new US-brokered export framework that allows traders to market up to 50m barrels of crude. Trafigura and Vitol have secured the first licences and are actively moving barrels, including the first direct shipment from Venezuela to the US Gulf. One of EMF’s operating Suezmaxes, Lausanne Star, is currently doing one of these trades.

US refiners Valero and Phillips 66 have emerged as the first buyers of these cargoes, purchasing crude at discounts of roughly $8.50-$9.50 per barrel to Brent, while traders reportedly acquired the barrels at even wider discounts. Additional volumes are being routed via Curaçao and other Caribbean terminals as storage bottlenecks ease, allowing Venezuelan production to recover after a sharp drop earlier in the month. Vitol has also begun lifting crude directly from onshore storage tanks, further reducing logistical constraints.

Venezuelan trade set to boost tanker markets in the long term
From a tanker market perspective, the reopening of Venezuelan flows is supportive for utilisation, particularly in the Aframax and Suezmax segments, with at least seven tankers already employed and more expected as exports scale up. While short-term trade patterns remain uncertain, the reintroduction of sanctioned barrels into compliant trade routes is increasing tonne-mile demand and adding incremental employment across the Atlantic Basin, reinforcing a constructive outlook for tanker markets.