Overview
- At least three VLCCs—Nissos Kea, Nissos Kythnos and Arzanah—have March loading slots at Venezuela’s Jose terminal and are slated for India, according to shipping and trade sources.
- Reliance bought a Boscan heavy crude cargo from Chevron, its first since December 2023, with shipment on the Ottoman Sincerity, and also secured a separate 2‑million‑barrel parcel from Vitol for March loading.
- Indian state refiners including Indian Oil Corporation, Bharat Petroleum and HPCL Mittal Energy have taken Venezuelan heavy barrels as they diversify sourcing options.
- Venezuela’s exports rebounded to about 800,000 bpd in January from roughly 500,000 bpd in December after a late‑January U.S. Treasury general licence widened eligible buyers and destinations.
- Shifting to VLCCs is expected to cut freight costs, quicken deliveries and help drain stored volumes, while regional flows adjust with India trimming Russian intake and China lifting seaborne Russian purchases to roughly 2.1 million bpd in February.