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REUTERS/Gaby Oraa Venezuela Spot Oil Sales Snarled by Surging Freight Costs (https://gcaptain.com/author/bloomberg/) Bloomberg Total Views: 574   September 24, 2026   By Lucia Kassai (Bloomberg) — Sales of (https://gcaptain.com/tag/venezuela/) Venezuelan oil for loading in October stalled after a surge in shipping costs muddled negotiations between the country’s state oil company and buyers of its oil. Shipping costs — a key component of the delivered price — have more than doubled from the end of August. That’s making Venezuelan crude less competitive with Canadian barrels for US refiners and snarling sales deals, according to people with knowledge of the situation. Canada and Venezuela are the largest suppliers of foreign oil to the US. Commodity traders such as Vitol Group and Trafigura Group, tapped by the US to help sell Venezuelan oil, have a broad arrangement — but not an obligation — to buy oil from Petroleos de Venezuela SA. Buyers of Venezuelan oil are currently being offered the oil at a discount of around $14 to benchmark ICE Brent prices, loading in October, said the people, who asked not to be named discussing private information.  With the cost to ship oil to the US Gulf Coast at nearly $7 a barrel, it means the oil arrives at the shores of Texas and Louisiana at a discount of $7 per barrel, or at least $5 more expensive than competing Canadian supplies, the people said.  The dispute risks disrupting a key source of crude for American refiners amid record diesel prices and ahead of US midterm elections. Second only to Canada, Venezuela has emerged as a leading foreign oil supplier for US fuelmakers following the removal of strongman Nicolas Maduro.  Vitol declined to comment. Trafigura declind to comment. PDVSA didn’t immediately return requests for comment.   To complicate matters, US demand for the type of lumpy and sulfurous oil produced by Venezuela has taken a hit by the unexpected shutdown of facilities including ExxonMobil Holdings Corp.’s Joliet refinery in Illinois and Valero Energy Corp.’s Port Arthur refinery in Texas.  As some traders and refiners pass on the opportunity to buy Venezuela’s oil, rivals that have long been waiting in the wings may finally get an opening to muscle into the market.  Getting into Venezuelan oil trading takes serious financial firepower. Following Maduro’s ouster, buyers have to pay for the oil upfront in a US-government held account. For a cargo of 1 million barrels at $100 a barrel, the buyer has to put up $100 million before receiving or potentially reselling the oil.  Part of the unsold oil may end up in storage tanks, or in the hands of new players. In recent months, PDVSA has expanded its client base and has done business with companies including BP Plc, Phillips 66, Novum Energy Trading Corp., George E. Warren LLC, BGN and Indian refiner Reliance Industries Ltd. © 2026 Bloomberg L.P.   Tags: (https://gcaptain.com/tag/freight-rates/) freight rates  (https://gcaptain.com/tag/venezuela/) venezuela  (https://gcaptain.com/tag/venezuela-oil-exports/) venezuela oil exports   (logo)  Subscribe for Daily Maritime Insights Sign up for gCaptain’s newsletter and never miss an update — trusted by our 107,343 members  (user)   () (Enter your email)  ()  (Subscribe)        (https://gcaptain.com/bahrain-leads-countries-call-for-full-reopening-of-strait-of-hormuz-without-tolls/)  Prev (https://gcaptain.com)  Back to Main (https://gcaptain.com/dnv-shippings-fuel-future-hinges-on-what-regulators-do-next/) Next      (gCaptain-logo)   Stay Informed. Stay Connected.  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