Several purchasers of Venezuelan oil have resumed loading crude onto tankers following a temporary halt at the country's ports in response to the U.S. imposing tariffs on importers of oil from the OPEC nation, as indicated by shipping data and records.
In March, the U.S. Treasury Department provided U.S.-based oil producer Chevron and other foreign partners and customers of PDVSA until May 27 to wind down operations and halt oil exports from Venezuela. Shortly after, Washington imposed tariffs on buyers of oil and gas from Venezuela.
The actions led to a suspension of tanker loadings at the primary oil port of Jose in Venezuela and caused delays at smaller terminals. President Trump's firm stance discouraged traders and importers from continuing to transport Venezuelan oil.
Following the U.S. measures on oil purchasers, numerous vessels departed Jose but have since returned to finalize their loadings. They are now leaving Venezuelan waters bound for various countries including India and China, according to data and internal documents from Venezuelan state oil company PDVSA.
A PDVSA source mentioned that vessels initially left in a rush but later received instructions to complete their cargoes.
As of Wednesday, Chevron, Reliance Industries, and several intermediaries were shipping crude cargoes destined for the U.S., India, and China, signaling that Venezuela's oil exports are not expected to collapse immediately.
PDVSA, Chevron, and Reliance did not respond immediately to requests for comments. The Venezuelan government has denounced U.S. sanctions on the country as an "economic war."
PDVSA is working to optimize output and refining processes to process more oil domestically in the latter half of the year, potentially minimizing the impact of reduced crude exports.
In China, independent refiners known as teapots, who acquire Venezuela's heavy crude grades through intermediaries, halted or postponed imports from the country as the tariffs loomed. Instead, they turned to Brazilian and West African crudes.
Chinese traders and refiners stated they would wait to observe how the tariff directive was carried out and whether Beijing would instruct them to stop purchasing.
Certain independent refiners temporarily halted transactions with Venezuela as they sought clarity on the availability and pricing of supplies.
China remains Venezuela's primary oil buyer, procuring approximately 480,000 barrels per day (bpd) of crude and fuel directly and indirectly this year. The U.S. follows as the second-largest recipient with 250,000 bpd, India ranks third with 63,000 bpd, and Europe fourth with 44,000 bpd.