US oil major Chevron sold its first cargo of Venezuelan crude to Mukesh Ambani-led Reliance Industries since December 2023, according to a report by Reuters. The cargo includes Boscan heavy crude which is expected to be shipped on the Ottoman Sincerity vessel. This also marks the first sale of the Boscan heavy crude in about six years.Reliance Industries’ has also purchased a 2-million-barrel cargo from Vitol for March loading and is exploring direct purchases from PDVSA, as per Reuters.
India steps up Venezuelan oil purchases
Several PSU refiners, including Indian Oil Corporation, Bharat Petroleum Corporation and HPCL have also recently bought Venezuelan crude.
India was the third-largest buyer of Venezuelan oil before US sanctions were imposed in 2019. The renewed purchases come as India looks to reduce its dependence on Russian oil supplies amid US Trump’s tariff threat.
Venezuela’s oil exports surge to 8,00,000 bpd in January
Venezuela’s crude exports rose sharply to around 800,000 barrels per day in January, compared with about 500,000 barrels per day in December, after the US eased restrictions on the country’s oil exports.
In January 2026, following the US capture of Venezuela, President Donald Trump announced that the country’s interim authorities would transfer between 30 million and 50 million barrels of crude oil to the United States. He said the oil would be sold at prevailing market prices once it comes under US control.
Venezuela steps up oil exports using supertankers
Chevron and other US refiners, including Valero Energy, Phillips 66 and Citgo Petroleum, are preparing to increase processing of Venezuelan crude at their refineries, a move expected to lift exports.
Chevron and some refiners have hired dozens of Aframax and Panamax tankers under time-charter contracts, meaning the vessels will be used exclusively to transport Venezuelan oil during the contract period.
The shift by trading houses to larger tankers is expected to ease pressure on the supply of medium-sized vessels in the Caribbean. Meanwhile, Trafigura, Vitol and Chevron have been exporting Venezuelan oil under US licences. In late January, the US Treasury issued a general licence allowing broader oil exports, which is expected to expand the number of buyers and destinations.