Venezuelan Crude Export Surge Boosts Tanker Demand

Venezuela’s seaborne crude oil exports have more than doubled this year, creating new opportunities for the tanker market and increasing South America’s role in global energy trade.

Data from Signal Ocean shows Venezuelan crude shipments have risen for six straight months, increasing from roughly 620,000 barrels per day in January to around 1.5 million barrels per day by mid-June. Export volumes briefly surpassed 2 million barrels per day in early May, while year-to-date figures are approximately double the average levels seen in both 2024 and 2025.

The rebound follows the reintroduction of several U.S. licenses covering energy-related activities in Venezuela earlier this year. Growth gained further momentum after the U.S. Treasury expanded authorizations for oil, gas and mineral extraction projects on June 10, encouraging greater foreign involvement in the country’s energy sector.

Major trading companies Vitol and Trafigura are now marketing Venezuelan crude cargoes, while oilfield services provider SLB has entered into a long-term agreement with state-owned oil company PDVSA to support efforts to increase production and modernize operations.

According to Signal, the United States is currently the largest destination for Venezuelan crude, receiving 44.7% of exports so far this year. India follows with 17.8%, while the Bahamas accounts for 10.5%.

Aframax tankers currently handle the largest share of exports at 38%, followed by VLCCs at 32% and suezmaxes at 24%. Crude oil makes up 92% of all cargoes shipped from the country.

The increase in exports is providing support across several tanker segments. Higher volumes moving to U.S. Gulf Coast refineries are expected to strengthen aframax demand, while longer-haul shipments to India and other Asian destinations are generating additional tonne-mile demand for both suezmax and VLCC operators.

The recovery comes as refiners continue seeking alternative supply sources amid ongoing uncertainty surrounding the full normalization of oil flows through the Strait of Hormuz. Alongside rising production in Brazil and Guyana, Venezuela’s resurgence is helping establish South America as an increasingly important supplier of crude oil outside the Middle East.

Signal also noted that VLCC tonne-mile demand remains significantly above historical averages, despite easing somewhat in recent weeks.