Three ships sail towards the United States with Venezuelan oil

Three ships loaded with Venezuelan crude are heading to United States ports under Chevron contracts, in a context of export restrictions that is causing an accelerated accumulation of oil in Venezuela and revives alerts about the physical limits of its storage system. According to an analysis by AFP based on maritime tracking data, three of the eleven tankers chartered by Chevron were in transit to the United States on Thursday. Another two remained anchored in the port of the Bajo Grande refinery, in the west of the country, while six more were sailing towards Venezuela, apparently without cargo, according to information compiled by Bloomberg and the commercial platform Kpler. Chevron is the only US company that maintains operations in Venezuela and uses these ships within a regular authorized shipping scheme. The movements occur while Washington maintains a blockade on Venezuelan exports, which has reduced crude oil exports and puts pressure on the logistical infrastructure of the South American country.

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One of the ships en route, the Ionic Anassa, was registered passing in front of Cuba bound for the port of Pascagoula, Mississippi, after having loaded in Bajo Grande on January 4, according to data from Bloomberg and Marine Traffic. The Nave Photon was detected north of Caracas heading to Port Freeport, Texas, after arriving on January 5 at the José terminal, in eastern Venezuela.

A third vessel, the Mediterranean Voyager, followed a similar trajectory and also would have loaded in José, according to the latest displacement data. Meanwhile, the tankers Minerva Gloria and Searuby remained anchored in Bajo Grande; the former appeared to be loaded and the latter empty, according to tracking records. Consulted by AFP, Chevron avoided confirming the specific movements of the ships. The company only indicated that “it remains focused on the safety and well-being of its employees” and that “it operates in full compliance with all applicable laws and regulations”.

While some shipments manage to leave, crude inventories continue to grow. Kpler analysts warned that the export blockade is generating a significant bottleneck. According to their data, stocks began to increase more rapidly after the seizure by the United States of the tanker Skipper on December 10.

Kpler's most recent assessment, based on radar images from December 30, shows that onshore reserves exceeded 22 million barrels, about half of the country's total storage capacity. "With loading activity slowing down abruptly, we expect the next images to confirm a further increase in inventories," said Emmanuel Belostrino, senior analyst at the firm, in a report sent to AFP. The phenomenon also extends out to sea. Floating storage off the Venezuelan coast is growing rapidly, a sign that crude oil is not finding an outlet. At the beginning of the week, at least 16.7 million barrels were stored on board fifteen large tankers used as temporary storage, according to figures from Kpler.

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In parallel, the Venezuelan regime is trying to present the shipments as part of a regular commercial relationship with Washington. The president of the National Assembly, Jorge Rodríguez, stated that the sale of oil to the United States is a "commercial transaction between two legitimate and independent governments" and emphasized that it is not a new event, according to statements broadcast by state television. The state-owned PDVSA confirmed that it is in negotiations with the United States for the sale of crude oil volumes under schemes similar to those in force with international companies such as Chevron. However, the combination of limited exports, increasing inventories, and political pressures places the Venezuelan oil industry in an increasingly narrow operating scenario, in which storage capacity becomes a critical factor.