The seeming incremental lifting by the United States of sanctions which had been imposed on Venezuela’s oil exports tied to political differences with Washington has seemingly arrived at a point where some of the world’s major traders are returning to the source of some of the world’s largest oil reserves. Earlier this week, an article published by Oilprice.com, one of the world’s frequently used energy news sites, underscored Venezuela’s apparent return to the oil trading ‘big league’, announcing that Vitol Group, one of the world’s largest oil traders had recruited a supertanker to load oil from Venezuela.
The vessel, named as the Gustavia S, is reportedly capable of carrying 2 million barrels of oil while the report provided a booking price of US$11 million for a vessel which it said was “en route to the Gulf of Mexico.” Loading of the vessel, according to the report, is set for “later in November or in early December.”
