CARACAS – Venezuelan crude exports under a high-profile $2 billion U.S. supply agreement are proceeding slowly, with shipping and pricing challenges continuing to limit the pace of deliveries despite recent resumed exports and growing activity in the Caribbean region.
According to vessel-tracking data and documents from Venezuela’s state oil company PDVSA, shipments under the deal have reached approximately 7.8 million barrels so far, as Venezuelan crude moves toward storage hubs and U.S. buyers. The agreement was forged after the United States eased its blockade on Venezuelan oil exports following the capture of President Nicolás Maduro earlier this month, allowing trading houses such as Vitol and Trafigura to load and export sanctioned cargoes under U.S. licenses.
Despite this progress, the export volumes remain modest relative to the up to 50 million barrels that could be sold under the terms of the deal. PDVSA has struggled to significantly reduce swollen inventories that built up during a near-month-long blockade, when millions of barrels of oil remained in storage on land and aboard stranded tankers.
Industry sources say one factor slowing sales is pricing resistance from refiners. Initial offers of Venezuelan “Merey” heavy crude were only modestly discounted compared with global benchmarks, reducing incentives for buyers to switch from other available supplies. Ship-to-ship transfers, floating storage logistics and limited interest from international refiners have added further delays.
At the same time, restrictions on some vessels connected to Venezuela have made shipowners wary of involvement, though exports have continued to Caribbean staging posts and terminals — including shipments arriving at the Bullen Bay terminal in Curaçao as part of the renewed trade flows.Meanwhile, U.S. oil major Chevron, PDVSA’s joint-venture partner, has also increased its export volumes under existing licenses, contributing to overall export totals.
Under the arrangement, approximately $500 million of the first oil sale proceeds are to be placed into a U.S.-controlled fund, with Venezuelan authorities stating some $300 million will be used for imports and government spending, though details on broader volumes and uses remain limited.
Observers say that while the current slow pace underscores the logistical and commercial complexities of reintegrating Venezuelan crude into global markets, continued shipments to Caribbean hubs — and ongoing negotiations with refiners — could shape the near-term trajectory of the country’s oil trade and have economic implications for energy facilities across the region.