Nigeria’s oil industry is reportedly turning its attention to Venezuelan crude, with a delegation of Nigerian and Angolan oil investors set to visit Caracas in the coming weeks to explore new sourcing opportunities and deepen ties with Venezuela’s oil sector. This development comes amid broader shifts in global crude supply dynamics and a loosening of restrictions that have shaped Venezuelan exports in recent months.
The proposed visit, being organised by actors within Nigeria’s energy industry, reflects growing interest among Nigerian oil companies and investors in securing alternative crude supply sources that could complement domestic production and support refinery inputs or trading operations. Conversations around Venezuelan oil have intensified as global markets adjust following changes in export rules and production arrangements in the Latin American nation.
Venezuela possesses some of the world’s largest proved oil reserves and has been working to revive its oil exports after years of sanctions related to political tensions and strained relations with the United States. Since a new supply deal between Caracas and Washington was agreed, Venezuelan crude exports have been gaining momentum. Very large crude carriers are now being used to ship Venezuelan oil to major buyers such as India, reducing transport costs and speeding up delivery schedules in March, according to recent shipping intelligence. Traders have chartered VLCCs at Venezuela’s Jose terminal, signalling that the country is prepared to move larger cargoes into international markets.
In addition to these logistical shifts, there have been other signs of reactivation in Venezuelan oil trade. For example, major international firms such as Chevron has sold Venezuelan crude to overseas buyers for the first time in several years under the evolving commercial framework. These sales illustrate renewed commercial flows and increased buyer interest, even as global energy markets remain sensitive to geopolitical pressures.
Nigeria itself remains a major oil producer in Africa, led by its national oil company, Nigerian National Petroleum Company (NNPC), which has been ramping up output and setting ambitious targets for the coming years. The company has reaffirmed goals to boost production toward approximately two million barrels per day by 2027, underlining its role in regional energy security and global crude supply.
Oil companies like Oando PLC and ExxonMobil Nigeria operate across upstream, midstream and downstream segments in Nigeria and could stand to benefit from diversified crude sourcing arrangements, should negotiations with Venezuelan counterparts bear fruit. Sourcing Venezuelan crude could help support exports from Nigerian refineries such as the massive Dangote Refinery complex, which has dramatically shifted Nigeria’s refined product supply narrative and boosted export capacity since beginning operations in 2024.
The interest in Venezuelan crude comes as the broader international oil market continues to deal with shifting production patterns and geopolitical risks. OPEC+ members have agreed to modest increases in output amid tensions that could threaten supply flows, while traders monitor developments in key producing regions.
For Nigeria’s investors and oil firms, engaging with Venezuela could open new trading corridors and contractual ties, particularly for heavy and medium crude grades that may suit specific refinery configurations. Venezuela’s ability to ship larger volumes via VLCCs and renewed commercial willingness from buyers like India may make such arrangements more attractive.
However, commercial and political complexities remain. Venezuela’s suspension of several production-sharing contracts signed under previous administrations underscores the ongoing uncertainty and need for careful negotiation with state oil giant PDVSA.
As preparations for the Caracas visit continue, Nigerian oil stakeholders are likely to weigh logistical, economic and geopolitical considerations in evaluating potential crude import or trading relationships with Venezuela. The outcome could influence broader regional energy strategies and diversify supply options for one of Africa’s largest oil economies.
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