Tankers are exiting Venezuela as US sanctions return on crude oil sales.
Reuters cites shipping data as showing six large vessels have departed the South American country’s waters without a cargo in recent weeks.
Venezuelan oil exports fell 38% in April as tanker owners and clients pulled ships out.
The US Treasury Department said last month that a six-month licence to sell oil would not be extended.
Companies have until the end of May to run down their operations in Venezuela once more.
A total of 37 tankers left the country’s ports in April.
Exports averaged 545,000 barrels per day of crude and fuel, down from a peak of 873,500 bpd the month before, financial firm LSEG said, using tanker data.
The six ships that left in ballast had been waiting months for cargoes from state oil producer Petroleos de Venezuela SA.
These delays, and fears over the wind-up period, prompted the exodus, Reuters reported.
Two of the ships had been fixed by Polish state refiner Orlen and were due to sail to Asia.
The Polish government has opened a probe into the loss of about $400m by Orlen in prepayments made for Venezuelan oil it did not receive.
Indian volumes to fall
Last month, TradeWinds reported that India was unlikely to import further Venezuelan crude once US sanctions against the South American state snap back into place.
US broker Poten & Partners said India emerged as one of the largest buyers of crude from Venezuela when Washington announced it would ease sanctions against companies that trade in Venezuelan oil or invest in the country for an initial period of six months.
“Customers in India will probably stop importing Venezuelan oil again, not wanting to run afoul of US sanctions,” the New York shop added.
Venezuela’s crude oil exports averaged about 580,000 barrels per day in the 12 months prior to the sanctions relief.
Between November 2023 through March 2024, Venezuelan exports to its traditional ally China declined as prices increased, with India picking up most of these barrels.
