Briefly — and why it matters
Venezuela is sending its first shipment of crude oil to Israel in many years. According to Bloomberg, the cargo is destined for Bazan Group (Oil Refineries Ltd) and will be the first delivery of Venezuelan oil to Israel since mid-2020. This is not just a commercial deal — it is an indicator of how control over energy flows is shifting after the political upheavals in Caracas.
What is known
- The shipment was confirmed by sources cited by Bloomberg; previously, in 2020, Israel imported about 470,000 barrels of Venezuelan oil (data from Kpler).
- Bazan Group declined to comment, and Israel's Energy Ministry does not disclose supply sources — in the country it is common practice not to publicize partners and to temporarily switch off tankers' tracking systems when approaching ports.
- Over the past month Venezuelan cargoes have also been headed to India, Spain and the United States; Bloomberg adds that Europe could receive its first shipments in almost a year in February.
"The Donald Trump administration said it was taking control of the sale of Venezuelan oil."
— Official statement of the U.S. administration (via Bloomberg)
Why this is happening now
First, Maduro's detention changed the balance of influence in supply chains — control over oil flows has become a subject of political maneuvering. Second, the U.S. announced de facto control over part of the sales and even considered easing sanctions to facilitate exports and direct funds "for the benefit of the Venezuelan people" — this was stated in official statements and comments by government representatives.
Together these factors give sellers and buyers room to maneuver: buyers, from India to Israel, are diversifying supplies; the seller, who for a long time was effectively cut off from the market, is looking for new sales routes.
"Israel imported about 470,000 barrels of Venezuelan oil in 2020."
— Kpler (data via Bloomberg)
What this means for the market and for us
For the global market — a potential increase in supply and some easing of price pressure, but the effect will be gradual: political risks in Venezuela and questions about transaction transparency remain. For Europe and Israel — an opportunity to replenish stocks, but dependence on geopolitically sensitive sources increases the need for diversification and strategic reserves.
For Ukraine, this story has pragmatic significance: changes in global energy chains affect prices and resource availability, as well as the diplomatic priorities of partners. Monitoring how the U.S. and Europe transform sanctions policy and how this is reflected in energy flows is important for our country's energy security.
Summary — what's next?
The return of Venezuelan oil to the market is a test of transparency and stability: will these isolated shipments turn into a steady source, or will they remain episodic because of political risks. For markets and governments, what matters are not loud statements but final contracts and control mechanisms — the real impact on prices and energy security will depend on these.
Whether the stability of trade will prevail over geopolitical risks is a question to watch closely in the coming months.
