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Trafigura Seeking Tanker for Venezuelan Fuel Oil: Reuters Sources

OIL PRODUCTS

Trafigura is seeking to charter at least one large tanker to export Venezuelan fuel oil after US sanctions have eased according to Reuters sources late last week.

  • The trading house is in the market for a Suezmax, Aframax or Panamax vessel or a combination of them, two of the Reuters sources said. A third source said PDVSA has closed a deal involving Trafigura.
  • Venezuela’s PDVSA was reported last week to be reestablishing ties with old customers after the US eased sanctions last week.
  • Venezuela may not be able to increase exports substantially in the short term but the easing of sanctions will likely pull cargoes away from China and towards western markets.
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