Key facts
- PdV Marina now manages all operations related to Venezuelan oil ports.
- The company is overseeing loadings by international traders Trafigura and Vitol.
- PdV Marina previously focused on its own fleet but now uses more chartered vessels.
- US imports from Venezuela reached 743,000 b/d in the latest week.
Venezuela's state-owned oil and products shipping arm, PdV Marina, has significantly increased its role in managing crude and product shipments, taking over operations related to oil ports from the national ports authority, Bolivariano de Puertos. This shift is occurring as the US exerts control over the sector following its January 3 takeover.
PdV Marina is now overseeing loadings by international traders Trafigura and Vitol, who are active in marketing unsanctioned Venezuelan oil. While PdV Marina receives operational reports, most shipments utilize tankers not owned by the company.
Previously, PdV Marina focused on managing its own fleet, which has dwindled from 22 tankers to five due to maintenance issues, leading to increased reliance on chartered vessels. The company's involvement in crude flows had previously decreased amid corruption allegations concerning funds meant for tanker modernization under Adan Chavez in 2020. Additionally, some $3 billion in cryptocurrency funds, which Venezuela's government reported lost in 2023, were linked to port management and unpaid crude shipments.
Sources suggest this port management change is part of a broader US strategy to influence oil shipments in Venezuela and at ports across Central and South America. Improving infrastructure and compliance with the International Ship and Port Facility Security Code is seen as essential for Venezuela to increase its oil output from the current 1.2 million barrels per day.
US refiners have expressed interest in absorbing more Venezuelan crude, with US imports reaching their highest in nine years at 743,000 barrels per day in the latest reported week, according to preliminary data from the US Energy Information Administration.