Loading of Venezuelan heavy crude oil at its main oil ports has slowed this week after the U.S. imposed tariffs on trade with countries buying oil from the American country, and producer Chevron began to reduce its tanker fleet, according to shipping data and a document released on Tuesday, UNN writes with reference to Reuters.
Details
As of Tuesday, the main Venezuelan oil port of Jose, operated by state-owned PDVSA, had an empty berth, while three supertankers were in the process of loading, according to vessel monitoring services TankerTrackers.com and LSEG, as well as company documents.
No tankers were loaded for export in Bajo Grande, which handles batches of the heaviest crude oil grades, the data showed.
About two dozen vessels, mostly supertankers, were waiting to load near Jose, while two remained in Venezuelan waters after loading was completed, TankerTrackers.com reported, adding that two vessels left the country empty since mid-February.
Last month, Venezuela exported about 910,000 barrels per day of crude oil and fuel, and Chevron has already seen a decline, with exports of 252,000 bpd, down from 294,000 bpd in January.
The increase in the number of tankers may lead to delays in loading and delivery in the coming days, as many customers are still confused by the introduction of US duties, especially in China, the largest buyer of Venezuelan oil.
Trade in Venezuelan oil to China stopped on Tuesday due to Trump's customs decree, amid traders and refineries in the country waiting to see how the decree will be implemented and whether Beijing will order them to stop purchases.
In February, Venezuela sent about 503,000 barrels per day to China, or 55% of total exports.
While the US gave Chevron another seven weeks to wind down operations in Venezuela, due to the upcoming termination of its license, which last year allowed it to export about 210,000 barrels per day to the US, the number of vessels chartered by the company and waiting to load in Venezuelan waters has decreased in recent days, the data showed.
In total, seven batches of Venezuelan oil chartered by Chevron were shipped from the country this month, compared to 15 in February, according to shipping data.
Addition
On Monday, the administration of US President Donald Trump issued a decree announcing that any country that buys oil or gas from Venezuela will pay a 25% duty on trade with the US, starting in early April.
Washington also extended the deadline for Chevron to wind down its operations in Venezuela to May 27. This also applies to the export of Venezuelan crude oil to the United States.
Venezuela, which said US sanctions against the country amounted to economic warfare, on Monday accused Washington of violating international trade rules.