Trading houses and buyers of Venezuelan crude have chartered the first very large crude carriers (VLCCs) since a Caracas-Washington supply deal began, a development expected to accelerate deliveries to India starting next month. VLCCs like Nissos Kea, Nissos Kythnos and Arzanah, each capable of carrying up to 2 million barrels, have secured March loading slots at Venezuela’s main Jose terminal — operated by PDVSA — with destinations bound for India. Another supertanker, Olympic Lion, is also signalling Venezuela as its destination. Larger cargoes will lower transportation costs, address tanker shortages and help draw down the millions of barrels currently stored in Venezuela. The shift from medium sized tankers to VLCCs marks a logistical upgrade as Venezuelan exports rebound to around 800,000 bpd after sanctions eased. Chevron recently sold its first Boscan heavy crude cargo to Reliance Industries since 2023, while Reliance has also bought a 2 million-barrel cargo from Vitol, reflecting India’s renewed engagement in Venezuelan crude trade and diversification away from Russian supplies, as per a report.
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