How Venezuela is chartering very large crude carriers – with focus on boosting oil exports to India

Venezuelan crude oil flows to India again: Trading firms and purchasers of Venezuelan crude have started hiring very large crude carriers to move oil from the South American country for the first time since a supply arrangement between Caracas and Washington came into effectThe move is expected to increase shipments to India, according to a Reuters report.

Before US sanctions were imposed in 2019, India was the third-largest importer of Venezuelan crude. Venezuela’s oil exports rose to about 800,000 barrels per day in January after US restrictions were lifted, compared with around 500,000 barrels per day in December.