Venezuelan crude exports heading to US

Nearly a quarter of Venezuelan crude exports are now heading to the US, according to a new report from broker Braemar.

The easing of US sanctions has seen nearly a quarter of Venezuelan crude head to the US in the first four months of 2023 in a dramatic shift for tanker trading patterns in the western hemisphere.

Venezuela’s state-owned oil and gas company, PDVSA, aims to reach 1m barrels per day of crude production this year, up from an average of 716,000 barrels per day in 2022.

The Venezuelan tanker fleet is largely not fit for trading, internal documents seen by Reuters earlier this month show.

More than half of the 22 tankers in state-run oil company PDVSA need urgent repairs or should not trade, according to an internal report by the oil firm.

Venezuela’s tanker fleet has been hobbled by sanctions for many years leading to many falling vessels into disrepair.