The oil tanker Poliegos is on its way to receive Venezuelan oil to put 1 million barrels of crude oil on board by the end of January, then bring it to Augusta port in Italy. This port is an important hub of the Mediterranean, and also a point to bring oil to many other places.
The energy trading group Vitol, along with Trafigura Group, which was assigned by the US to sell Venezuelan oil, is listed as the owner of this shipment.
The oil tanker Folegandros is also scheduled to depart from Venezuela to the Mediterranean in the coming days, many sources familiar with the matter revealed. This ship will transport Venezuelan oil to Repsol's refinery in Cartagena, Spain.
Venezuelan oil exports are part of US President Donald Trump's plan to strengthen the Venezuelan economy.
The speed and scale of restoring oil production and exports of this country will be of interest in the context that the global oil market is facing surplus supply, and global oil prices are maintained at nearly 60 USD/barrel.
After the US arrested President Nicolas Maduro on January 3, US officials asked for help from Vitol and Trafigura to sell up to 50 million barrels of Venezuelan oil and the money raised would be used to rebuild the economy of this South American nation.
The crude oil shipments that Vitol and Trafigura brought to Europe this time also mark the first time Venezuelan oil has been exported to Europe since April 2025 - the time when Saras SpA, backed by Vitol, transported 1 million barrels of Merey 16 oil to the Sarroch oil refinery in Italy.
Traders are accelerating Venezuelan oil transportation as the US prepares to issue a joint license to ease sanctions, helping many trading companies and oil refineries to buy Venezuelan oil directly from the state-owned oil and gas company Petroleos de Venezuela SA.
To date, Trafigura and Vitol have received about 12 million barrels of Venezuelan oil in less than 3 weeks since the US arrested President Maduro, equivalent to about 1/4 of the volume signed with the US.
