US to Send First Heavy Oil Diluent Shipment to Venezuela

The United States is set to deliver its first shipment of naphtha to Venezuela this week, a crucial diluent for the country’s heavy crude, marking a significant step in efforts to restore Venezuelan oil production and exports, according to sources cited by Reuters.

The cargo, managed by global trading firm Vitol, will be transported aboard the tanker Hellespont Protector and is expected to arrive in Venezuela next week. Naphtha is added to heavy crude to reduce its viscosity, facilitating pipeline transport and refinery processing, a technique known as oil dilution.

“This shipment is vital for restarting refining operations and increasing crude output,” said an industry source familiar with the agreement.

Venezuela holds the world’s largest proven oil reserves, exceeding 300 billion barrels, but its output has been hampered for years by economic crises and international sanctions. The naphtha delivery is intended to alleviate the shortage of essential diluents, which are critical for maintaining heavy crude flows and supporting exports to global markets.

“The country has struggled with heavy crude transport and processing for decades,” the source added. “This supply will directly improve production efficiency and export capability.”

The shipment comes amid U.S. efforts to gradually ease restrictions on Venezuelan oil, aiming to stabilize the market in the Americas. U.S. Energy Secretary Chris Wright told CNN that he has received a “flood” of inquiries from U.S. oil executives seeking to participate in rebuilding Venezuela’s oil infrastructure after recent meetings with industry leaders in Miami.

“We are getting a lot of interest from companies asking, ‘How can we help?’” Wright said. He emphasized that while the U.S. administration will not pressure companies, it is committed to supporting political and market stability in Venezuela, a process expected to take time.

The naphtha shipment could influence global oil prices, particularly in U.S. and Latin American markets, by enabling Venezuela to ramp up production of heavy crude previously constrained by lack of diluents. Analysts note that the move signals growing cooperation between the U.S. and Venezuelan oil operators, potentially reshaping the regional oil landscape.