Venezuela’s oil export sector is staging a strong comeback with the deployment of super-sized Very Large Crude Carriers (VLCCs) bound for India, each capable of hauling up to 2 million barrels of crude. The move follows the easing of U.S. sanctions under a new Caracas-Washington supply agreement, allowing Venezuela to reach key buyers again and significantly expand its export volumes. For Indian refiners — including major players like Reliance Industries, Indian Oil Corp, Bharat Petroleum Corp and HPCL Mittal Energy — this represents a strategic opportunity to diversify crude import sources and reduce reliance on Russian supplies by tapping into Venezuela’s heavy crude at competitive prices. Reuters and shipping data show that at least three VLCCs chartered by global trading houses are slated for March loadings, highlighting confidence in direct shipments to India and a potential acceleration in deliveries. The shift to larger tankers not only lowers freight costs per barrel but also helps drain millions of barrels currently held in Venezuelan storage, supporting both countries’ commercial and energy interests.
