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Venezuela resumes oil exports via large tankers to India, boosting shipments since U.S. sanctions eased.
Venezuela has begun exporting oil using very large crude carriers (VLCCs) for the first time since a U.S.-Venezuela deal in January, shifting from smaller tankers to boost shipments to India and reduce Caribbean storage pressures.
The move, enabled by a U.S. Treasury general license, allows larger vessels to carry up to 2 million barrels each, cutting costs and speeding deliveries.
Major buyers include Indian refiners like Reliance Industries and Indian Oil Corp, while U.S. refiners such as Chevron, Valero, and Phillips 66 are also ramping up processing.
The change signals a revival in Venezuela’s oil exports, which had been constrained since 2019.
Venezuela reanuda las exportaciones de petróleo a través de grandes petroleros a la India, aumentando los envíos desde que se aliviaron las sanciones estadounidenses.