By Weilun Soon
Jan 20, 2026 (Bloomberg) - Tankers have started unloading Venezuelan crude oil at various Caribbean islands, indicating a shift in trade dynamics following U.S. control over Caracas' oil industry.
This past weekend, two tankers delivered around 2.5 million barrels of Venezuela’s Merey crude to storage tanks in Saint Lucia and Curacao, which are key points for further exports. More tankers are expected to transport additional oil from Venezuela to destinations like the Bahamas in the upcoming days.
The Trump administration has enlisted major trading firms, such as Trafigura Group and Vitol Group, to help sell Venezuelan crude. They are also encouraging U.S. companies to invest in Venezuela to help revive its struggling oil sector. This intervention is shaking up the shipping market, leading to rising freight rates on certain routes.
Some vessels, previously termed as part of the "dark fleet" carrying Venezuelan crude, have activated their transponders as they prepare to unload their cargo. In addition, ships that had previously avoided this trade are now returning to participate.
The Volans, an Aframax tanker sanctioned by the U.S. and U.K., offloaded about 600,000 barrels in Curacao on January 17. This location has the Bullen Bay storage facility, and the vessel was carrying oil for Vitol, as reported by Bloomberg last week.
In another instance, the Kelly, a large crude carrier, arrived at Castries in Saint Lucia on January 18 to unload 1.9 million barrels of Merey. This shipment marks the first delivery of Venezuelan crude to the island since December 2018, according to data from Kpler and Vortexa.
Castries features a storage facility primarily managed by Buckeye Partners LP, based in Houston. The company did not respond immediately to inquiries made outside business hours, and Bloomberg News could not determine which company is handling the oil trade.
Additionally, the Very Large Crude Carrier (VLCC) Marbella arrived at South Riding Point in the Bahamas on January 19, carrying about 1.9 million barrels, which is another shipment for Vitol. Another supertanker, the Rene, which is loaded with over 1.7 million barrels, is scheduled to reach the Bahamas later this week.
Before the U.S. intervention, Venezuela primarily relied on dark-fleet tankers to export its oil, with most shipments heading to China, a crucial market for bitumen-rich grades like Merey. Now, cargoes are being offered to a more diverse set of destinations, including refineries in India and the U.S. Gulf Coast.