Venezuela crisis
Overview
For the time being, the US is continuing to enforce its “oil blockade” of tankers carrying sanctioned Venezuelan oil. But if relations between Washington and Caracas improve and sanctions are eased, the dynamics of Venezuelan oil trade could be redrawn – more Venezuelan crude could make its way to refiners on the US Gulf Coast, with implications for those smaller independent Chinese refiners which emerged as the leading buyers of discounted Venezuelan crude in 2025.
Argus will be tracking developments in Venezuela closely. Our price indexes, particularly Argus WCS crude and Argus USGC asphalt provide transparency into the value of Venezuelan oil and our up-to-minute news and analysis explains what it all means for oil and wider commodity markets.
Related news and analysis
US' Venezuelan oil prices 30pc higher: Wright
US' Venezuelan oil prices 30pc higher: Wright
Washington, 15 January (Argus) — Venezuelan crude cargoes sold under a US-facilitated program are fetching prices 30pc higher than before the forced removal of the country's president Nicolas Maduro on 3 January, US energy secretary Chris Wright said on Thursday. President Donald Trump last week made Wright responsible for managing the sale of 30mn-50mn bl of Venezuelan crude in storage onshore and offshore, days after orchestrating Maduro's capture. Those oil sales have already raised $500mn , an administration official said. Wright said oil sales revenue will be placed in US-controlled accounts that will then flow back to Venezuela. "We're getting about a 30pc higher realized price when we sell the same barrel of oil, than [when] they sold the same barrel of oil three weeks ago," Wright said on Thursday at a US Energy Association conference in Washington, DC. Venezuelan crude typically commands a significant discount to global benchmark Ice Brent because of US sanctions, Argus assessments show. Venezuelan Merey cargoes for January delivery to Chinese ports — sold before the US took over Venezuelan oil sales — were offered at a $10-12/bl discount to Ice Brent futures. At least one cargo was offered since the US raid at a $42/bl discount to Brent, with a floor of $30/bl. Two aging, very large crude carriers operated by a sanctioned Greek shipowner departed Venezuela laden with crude in recent days for a Bahamas storage terminal, but it is not clear if those cargoes are part of the US-approved sales process. US Gulf Coast refiners, many of which were engineered to handle the type of heavy sour crude produced in Venezuela, are prepared to utilize crude from that country if it becomes available on the market, industry officials say. "If Venezuelan crude hits the open market, that certainly will be welcomed by those US refineries, because we're equipped to run it, we have easy access to it," American Fuel & Petrochemical Manufacturers chief executive Chet Thompson said at the same conference. The Trump administration has yet to provide details on how it will disburse the funds and whether it will authorize Venezuelan interim president Delcy Rodriguez's government to spend them. On Wednesday, Trump called Rodriguez a "terrific person" and said that her government is cooperating "very well" with US demands. Trump on Thursday hosted Venezuelan opposition leader Maria Corina Machado in a private meeting at the White House. Trump has downplayed the opposition's role in Venezuela's future governance. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Two VLCCs with Venezuela oil head to Bahamas
Two VLCCs with Venezuela oil head to Bahamas
New York, 15 January (Argus) — Two aging, very large crude carriers (VLCCs) operated by a sanctioned Greek shipowner have departed Venezuela laden with oil, expected to reach a storage facility in the Bahamas as early as next week, according to several shipping sources. The Marbella , laden with 1.75mn bl of Merey, departed from Venezuela on 11 January and is set to arrive on 19 January at the Liwathan B.O.S. crude terminal, about 28 miles east of Freeport, Bahamas, according to vessel tracking service Vortexa. The Rene, laden with 1.31mn bl of Merey, is reported to have departed Venezuela on 1 January and will arrive at the terminal on 24 January. Both vessels are more than 20 years old and appear to have been part of the "dark fleet" of vessels that have carried sanctioned crude from Iran and Venezuela. They are both effectively controlled by Altomare SA, according to Kpler, a Greece-based shipowner sanctioned by the US' Treasury's Office of Foreign Assets Control (OFAC) for its involvement in transporting Iranian crude on behalf of Sepehr Energy Jahan. Neither of the vessels appear on the US' OFAC sanctions list, however. It is not clear if either ship is part US-approved operations underway by trading firms Trafigura and Vitol to sell 30mn-50mn bls of Venezuelan crude, with priority given to US buyers. Trafigura loaded a cargo of Venezuelan crude this week, a shipbroker told Argus, as expected following comments from the company's chief executive at the White House last week . Neither firm responded to Argus questions before publication. The US appears to have chosen to issue private waivers as opposed to issuing a "general license" to allow state-owned PdV to sell crude cargoes to any market participant. The Liwathan terminal is VLCC-capable, meaning shippers offloading crude stored there would have the option to ship directly to Asia via VLCC. Tanker rates on the rise The potential for more Venezuelan crude to go on compliant ships instead of dark fleet tankers following the US' capture of Venezuelan president Nicolas Maduro earlier this month was a key factor in the runup for tanker rates in the first half of this week, both for VLCCs and for short-haul Aframax rates. The bellweather US Gulf coast (USGC)-China VLCC rate hit a more than three-year high of $14.5mn on Wednesday, equivalent to $6.96/bl, up by 64pc since 6 January. The Caribbean-USGC Aframax rate rose by 29pc since 7 January to $3.78/bl, nearly matching a multi-year high. A rush of Asia-bound cargo demand following a lull in chartering activity over the holidays has also contributed to the rate gains. By Charlotte Bawol, David Haydon and Nicholas Watt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
First Venezuela oil sales fetch $500mn
First Venezuela oil sales fetch $500mn
Washington, 14 January (Argus) — The US-facilitated sales of Venezuelan crude cargoes have so far netted $500mn, and "additional sales are expected in the coming days and weeks", a US official said on Wednesday. No details were immediately available on the destinations or volumes sold. Venezuelan Merey cargoes for January delivery to Chinese ports — sold before the US took over Venezuelan oil sales — were offered at a $10-12/bl discount to Ice Brent futures. Oil trading companies Trafigura and Vitol received authorization from President Donald Trump's administration last week to market Venezuelan cargoes. "President Trump's team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela's oil infrastructure," the White House said. The Trump administration says it plans to sell 30mn-50mn bl of crude held in floating and onshore storage in Venezuela, as well as all of the country's future production. Proceeds from sale are to be held in accounts controlled by the US Treasury Department. The Trump administration has yet to provide details on how it will disperse the funds and whether it will authorize Venezuelan interim president Delcy Rodriguez's government to spend them. By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
House Republicans want Venezuelan crude for SPR
House Republicans want Venezuelan crude for SPR
Washington, 13 January (Argus) — A major Republican caucus in the US House of Representatives has unveiled plans for another massive filibuster-proof bill that, among many other measures, would provide up to $1.1bn to purchase "discounted" Venezuelan crude for delivery to the US Strategic Petroleum Reserve (SPR). The Republican Study Committee, which represents 190 of the 218 Republicans in the House, unveiled a framework on Tuesday for a budget reconciliation bill they say would produce $1 trillion in savings over the next decade. The Republican-controlled Congress used the same budget process last year to enact sweeping tax cuts and energy policy changes, and some Republicans want to use it again to pass policies that failed to make it into the first bill. "President Trump has supercharged our economy, and now it's our time in Congress to act to codify what he has done," Republican Study Committee chairman August Pfluger (R-Texas) said. The budget framework seeks hundreds of billions of dollars in cuts to social programs, in addition to putting limits on what it calls costly regulations, imposing "royalty-style fees" on environment lawsuits, eliminating some permitting requirements, and codifying Trump's deregulatory actions. The framework also seeks $1.1bn to partially refill the SPR "in whole or in part with discounted Venezuelan oil made available by Operation Absolute Resolve", Trump's surprise military raid in the South American country on 3 January. Even at a discounted price of $50/bl, $1.1bn in funding would only buy 22mn bl of crude for the SPR, which now has 300mn bl of spare storage. US energy secretary Chris Wright has suggested that expanded Venezuelan oil production could help refill the SPR primarily by reducing global oil prices. "That makes it easier to fill our Strategic Petroleum Reserve back up, which the president is committed to do and we'll get done," Wright said in an interview on Fox News on 11 January. US oil industry officials say the type of crude being produced in Venezuela might not necessarily be a good fit for long-term storage in the SPR, which injects and withdraws crude from massive underground salt caverns. Oil industry officials say the extra-heavy sour crude that Venezuela produces could be held in storage at the Louisiana Offshore Oil Port, rather than the SPR, or refined. "The grade of Venezuelan crude does have a higher sulfur content than the current SPR can take," American Petroleum Institute president Mike Sommers said. "There are some logistical issues about the SPR that make it difficult for it to just take in Venezuelan crude." House Republicans hold a razor-thin majority that could make it hard to enact a second reconciliation bill, particularly with moderate Republicans facing a tough political environment ahead of the midterm elections in November. Trump administration officials say there are other ways to refill the SPR. Wright said on 8 January he was looking at "creative" ways to refill the SPR without additional congressional appropriations. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Crisis en Venezuela y su impacto en los mercados de crudo
La intervención de Estados Unidos en Venezuela ha generado incertidumbre y gran expectativa en los mercados de crudo tanto a nivel global como regional ¿Cómo han evolucionado los precios desde entonces? ¿Qué escenarios se pueden anticipar en un contexto de tanta volatilidad?
Regístrese ahoraMap: Primary Venezuelan oil assets
Timeline: Key Venezuela sanctions dates
