How Venezuela is chartering very large crude carriers - with focus on boosting oil exports to India
Times of India
by TOI BUSINESS DESKFebruary 25, 2026
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Venezuela is increasing its oil exports to India by chartering very large crude carriers (VLCCs), which can carry up to 2 million barrels of crude. This move comes after US sanctions were lifted in January, allowing Venezuela's oil exports to rise to around 800,000 barrels per day, compared to approximately 500,000 barrels per day in December. The use of VLCCs is expected to reduce freight costs, improve delivery times, and alleviate storage issues at Venezuelan terminals.
Prior to US sanctions imposed in 2019, India was Venezuela's third-largest importer of crude oil. However, after the sanctions, Venezuelan oil exports shifted primarily to smaller tankers destined for US refineries or stored in Caribbean terminals before being resold. Now, with larger vessels like VLCCs, trading firms such as Vitol and Trafigura aim to transport oil directly to India, potentially increasing shipments significantly.
The strategic shift is partly driven by India's efforts to reduce its dependence on Russian oil following the俄乌 conflict. Indian refiners, including Indian Oil Corp, Bharat Petroleum Corp, and HPCL Mittal Energy, have purchased heavy Venezuelan crude cargoes through Vitol and Trafigura. Additionally, US-based companies
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Originally published on Times of India on 2/25/2026