Venezuela’s state oil company has shifted part of its export strategy by loading crude and fuel oil onto tankers for offshore storage, as export flows slow following increased vessel interceptions linked to sanctions enforcement.
Rising inventories have begun to strain onshore storage capacity. Daily crude output stands at around 1.1 million barrels, and limited export options have pushed stocks higher at key terminals, including facilities handling extra-heavy crude from the Orinoco Belt.
Earlier this month, authorities intercepted two crude-laden tankers in the Caribbean. Reports also indicate that enforcement agencies are tracking another vessel approaching Venezuelan waters. These actions have discouraged shipowners from operating in the area, leaving multiple cargoes waiting offshore without confirmed departures.
To avoid cutting production—a step taken during past disruptions—the operator began transferring crude from land-based tanks onto vessels anchored offshore. This approach allows output to continue while buyers and logistics providers reassess shipment risks.
Storage pressure remains uneven across the country. Western terminals are nearing capacity, while export-linked facilities experienced brief relief earlier in the year as shipments increased through November. However, inventories have since climbed again, moving back above 10 million barrels by mid-December.
Joint venture exports linked to U.S.-licensed operations continue without interruption. These volumes account for roughly a quarter of production at blending stations and upgraders in the Orinoco region. Outside those flows, most crude shipments typically head to Asia, with China remaining the primary destination.
Export negotiations have become more complex following the latest interceptions. Discussions with buyers now focus on pricing, delivery timing, and contract adjustments. Internal deliberations reportedly included the option of declaring force majeure on certain cargoes, although this step was not taken.
Offshore storage has emerged as a temporary buffer while contractual talks continue and shipping availability remains uncertain. The approach mirrors earlier responses used during periods of heightened trade and logistics constraints.
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Source: FullAvanteNews
