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Venezuelancrude exports from its main export hub are surging toward multi-year highs in March, three months into the Trump administration’s control of oil sales.
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March shipments from the Jose terminal, which accounts for more than 80 per cent of the country’s oil exports, are set to soar to 848,000 barrels a day, according to a preliminary loading program seen by Bloomberg. The volume, if it materializes, would be the highest from Jose since 2019.
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Exports are getting a boost from steady imports of naphtha used to thin out Venezuela’s extra-heavy crude for pipeline transport, allowing oil to flow. Just like in February, at least five cargoes of the blendstock are scheduled to discharge in Venezuela this month. Suppliers that include Vitol Group and Chevron Corp. are loading the naphtha shipments at ports in Texas, the data shows.
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Venezuela’s oil exports are rising after United States Special Forces captured Nicolas Maduro and the administration of President Donald Trump moved to alleviate port and storage congestion caused by its partial naval blockade.
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The modest new supply is reaching the market as war in the Middle East rages on, triggering production cuts in some of OPEC’s largest oil producers, creating a potential opening for Venezuelan oil.
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