Historic Tanker Voyage: Venezuelan Crude Sails Directly to U.S.

A crude tanker, chartered by Trafigura, embarked on a historic voyage on Sunday from Venezuela's Jose port to the Louisiana Offshore Oil Port (LOOP), according to LSEG data. This marks the first direct shipment to the U.S. under a monumental 50-million-barrel supply agreement between Venezuela and the United States.

Trading firms Vitol and Trafigura were the pioneers, receiving licenses to transport Venezuelan oil. Since then, shipments have been directed to Caribbean storage terminals before reaching global refiners. A Liberia-flagged vessel, Gloria Maris, with approximately 1 million barrels of Merey heavy crude, made the direct U.S. journey.

The supply deal has so far facilitated the export of between 10 million and 11 million barrels. As they prepare to export fuel oil, Venezuela faces the task of draining over 40 million stored barrels, accumulated due to previous U.S. sanctions, before ramping up production.