Early this week, Chevron finalized its first shipment of Venezuelan crude to Reliance Industries since December 2023, according to vessel-tracking data and market sources. The deal marks a notable return in the flow of heavy oil between Venezuela and Asia.
In addition, the cargo is Boscan crude, a heavy oil used in asphalt production. According to available information, the shipment is scheduled on the Ottoman Sincerity and represents the first sale of this type of crude in around six years.
Why does Boscan crude matter in this deal?
Specifically, Boscan is among the heaviest crudes in Venezuela’s portfolio. Due to its composition, it is typically geared toward industrial uses such as asphalt and requires refineries capable of processing complex blends—an operating profile that fits the infrastructure of major Asian refiners.
Likewise, Boscan’s return on routes to India indicates this is not just about volume, but about crude quality and how buyers reshuffle their import “basket” as availability and licensing change.
Interest in Venezuela grows
Meanwhile, the move comes at a time when Indian refiners are seeking more non-Russian supply, according to the same reporting circuit citing vessel data. In parallel, Reliance received a U.S. license to buy and sell Venezuelan crude earlier this month.
In addition, cargoes have been scheduled on very large crude carriers (VLCCs) with loading windows at Jose, Venezuela’s main oil terminal operated by PDVSA. Names cited include Nissos Kea, Nissos Kythnos and Arzanah, with India listed as the destination.
Using larger vessels can then cut shipping costs and ease pressure on the availability of mid-size tankers—a bottleneck that often makes routes from the Caribbean more expensive.
Chevron, licenses, and the market impact
In this context, the report also notes that Chevron said in its annual report it would continue delivering Venezuelan crude to the international market and to the United States. That point suggests operational continuity and helps explain why buyers outside the traditional circuit are reappearing.
The Reliance deal comes as other intermediaries and traders remain active in Venezuelan crude, and more potential destinations open up as authorizations change.
Source: Reuters