Oil Companies Rush To Secure Tankers For Venezuelan Crude Exports: Report

Oil companies are reportedly scrambling to secure tankers and organize operations to export Venezuelan crude to the U.S. This follows the removal of President Nicolas Maduro and an announcement by President Donald Trump regarding the transfer of up to 50 million barrels of sanctioned oil to the United States. Companies Line Up For Contracts According to a Reuters report, trading houses and oil companies, including Chevron, Vitol, and Trafigura, are vying for U.S. government contracts to export this crude. Trafigura informed the White House on Friday that its first vessel is expected to load within the next week. Venezuela, having faced a U.S. blockade, has been storing oil in tankers and has nearly filled onshore storage tanks. The vessels are old, poorly maintained, and under sanctions, complicating direct contact due to liability and insurance requirements. Companies Consider Expanding Ship-To-Ship Transfers Shipping companies like Maersk Tankers and American Eagle Tankers are looking to expand ship-to-ship transfer operations in Venezuela. Maersk Tankers may replicate logistics used in Amuay Bay, Venezuela, while AET, already transferring Chevron’s shipments, is being approached to expand capacity. Companies are also competing for loading slots at Venezuela’s main Jose oil terminal, facing capacity and speed constraints. The U.S.-backed capture of former Venezuelan leader Nicolás Maduro has reignited discussions about Venezuela’s potential reentry into global oil markets. According to Jeff Krimmel, an energy strategist, the focus is not just on the potential rise in Venezuelan supply, but on how tightly that supply will be controlled for political ends. Trump Calls For $100 Billion Investment Trump has expressed intentions to oversee Venezuela’s oil-rich nation for years, promising a “very profitable” rebuild. The Senate, however, has moved to limit Trump’s ability to initiate new military actions in Venezuela without congressional approval. Furthermore, Trump has urged U.S. oil giants to invest $100 billion into Venezuela’s petroleum sector, aiming to overhaul its energy infrastructure and boost oil production to unprecedented levels. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock