VENEZUELA EYES INDIA WITH BIGGER CRUDE OIL SHIPMENTS

Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.

- Reuters

The use of larger vessels, which can carry up to 2 million barrels of oil each, is expected to cut transportation costs for traders and buyers, alleviate a shortage of smaller tankers and accelerate the pace of deliveries starting next month, which could drain the millions of barrels stored in Venezuela more rapidly. At least three VLCCs chartered by Vitol and Trafigura, the Nissos Kea, Nissos Kythnos and ‘Arzanah, have been assigned March loading windows at Venezuela’s main oil