Venezuela’s crude oil export situation has dramatically changed due to recent policy alterations, as shown by real-time data from Signal Ocean. The country’s crude oil exports, classified as “dirty cargo,” have sharply decreased from their peak of over 8 million barrels monthly in December 2024.
By April 2025, the volumes significantly declined, with no recorded exports as of May 2, 2025, indicating a potential halt in shipments following Chevron’s withdrawal from the region. Between January 2023 and May 2025, Venezuela exported a total of 137.7 million barrels, with Chevron’s TAECJ Platform contributing over 72% of these exports, underscoring its pivotal role in the country’s oil export network.
The United States remained the primary destination for Venezuelan crude, capturing almost 37% of total exports. Major U.S. Gulf Coast ports, such as Pascagoula, St. Charles, and Freeport, received the bulk of these shipments, closely linked to Chevron’s refining and distribution activities in the U.S.
Notably, Aframax-class tankers carried most of the shipments, accounting for 95.6%, a prevalent choice for routes between the Caribbean and the U.S. Gulf Coast. As Chevron exits the Venezuelan market, significant shifts in oil trade dynamics have emerged.
Venezuelan crude exports fell nearly 17% in April, with U.S. shipments declining sharply, emphasizing Chevron’s influential role. The Venezuelan government is exploring alternative markets, particularly in China, in an effort to adjust to reduced U.S. trade and sustain export revenues amid ongoing restrictions.
While it is uncertain whether Chinese demand can completely replace the loss of U.S. imports, Venezuela’s oil sector faces a challenging landscape filled with uncertainty and limited market access. Freight market rates have exhibited mixed signals, with ‘dirty’ and ‘clean’ categories reflecting various trends.
VLCC and Suezmax rates exhibited some stability, while Aframax and product tanker rates witnessed fluctuations, primarily influenced by regional demand and supply dynamics. Clean MR tanker activities experienced increases in certain ports, suggesting a potential recovery for some segments of the market despite ongoing challenges.