Oil analytics firm Vortexa has spotted a new trend in ship-to-ship (STS) transfers of Russian oil bound for Venezuela.
Up to 435,000 tonnes of products have been transhipped off Malta between January and June, the company said, according to Bloomberg News.
Thirteen tankers were involved, the report said, loading mostly naphtha and a shipment of vacuum gasoil (VGO).
Venezuela needs naphtha for blending with its extra-heavy sour crude to create a diluted oil for transport and blending.
But US sanctions have prompted it to look further afield.
The "rare" VGO cargo could be linked to recent efforts by Venezuelan state-owned oil company PDVSA to boost petrol supplies in the country, Bloomberg speculated.
Maltese STS operations are fairly common, the report said, but onward shipment to Venezuela is new this year, with Vortexa saying there was no evidence of it happening in 2018.
Direct shipments from Russia to Venezuela have also taken place.
Around 20,000 to 25,000 tonnes of petrol and petrol components were shipped from Ust-Luga to Amuay Bay and El Palito in February, according to Vortexa data.
