Vitol Plans Fuel Oil Exports from Venezuela, Sources Report

• Vitol executives instructed partners to assess PDVSA terminals including Amuay and El Palito to begin loading fuel oil cargoes in the coming days
• Venezuela has millions of barrels of crude and fuel oil stored onshore and in vessels due to a U.S. oil blockade that began in December
• The OPEC nation produces high-sulfur residual fuel oil previously sold to Asian customers, with trading firms currently storing cargoes at Caribbean terminals while marketing to refiners

Vitol Plans Venezuelan Fuel Oil Exports Following U.S. License Approval

Trading house Vitol is preparing to export fuel oil from Venezuela, marking an expansion of OPEC nation shipments under a U.S.-backed oil supply deal following recent political developments in Caracas. The move comes after Vitol and rival Trafigura obtained the first U.S. licenses earlier in January 2026 to load and export Venezuelan oil.

Key Developments:

Both trading firms have been collecting cargoes and storing oil at Caribbean terminals while marketing Venezuelan crude to refiners in the U.S., Europe, and India. Vitol executives instructed business partners this week to assess PDVSA-operated terminals, including Amuay and El Palito, to begin loading fuel oil cargoes in the coming days.

Market Context:

The accelerating oil supply agreement between Caracas and Washington signals the potential re-entry of millions of barrels of Venezuelan oil and fuel to global markets after years of U.S. sanctions and policy uncertainty. Venezuela currently holds millions of barrels of crude and fuel oil stored onshore and in vessels, accumulated during the U.S. oil blockade that began in December.

Product Specifications:

Venezuela produces high-sulfur residual fuel oil, historically sold to Asian customers before sanctions were imposed.

Market Implications:

This development could significantly impact global fuel oil markets, particularly in Asia where Venezuelan high-sulfur fuel oil was previously a major supply source. The resumption of exports may ease supply constraints and affect pricing dynamics for residual fuel oil globally, while providing relief to Venezuela's state-run PDVSA, which has struggled with storage capacity issues during the blockade period.