WILLEMSTAD – Long lines of oil tankers are forming off the coast of Venezuela near the aging La Salina terminal as U.S. sanctions on the country’s oil sector are set to be reinstated on May 27. Located on Lake Maracaibo, the terminal is plagued by deteriorating infrastructure, including leaking pipelines and silted waterways, which currently limit tanker loading capacity to just 350,000 barrels. 

Despite these constraints, major oil traders such as Vitol are scrambling to lift cargoes before the sanctions snap back into full effect. 

To sustain exports under the looming restrictions, Venezuela’s state oil company PdVSA has launched a new crude oil blend known as Blend 22. This medium sour crude—oil with a moderate sulfur content—is tailored for refineries in Europe and Asia that are optimized for this type of feedstock. 

PdVSA introduced Blend 22 in early 2025 as part of a broader strategy to stabilize oil revenues in the face of tightening international pressure. Export operations for the new blend are centered on the severely outdated La Salina terminal, which struggles with chronic underinvestment and operational inefficiencies. 

In addition to direct exports, PdVSA is also using Blend 22 in oil-for-products swap deals, particularly exchanging the crude for heavy naphtha needed for domestic refining or further blending. These barter-style arrangements allow PdVSA to meet contractual obligations despite sanctions and logistical hurdles. 

Meanwhile, PdVSA has begun storing Boscan crude oil at the nearby Bajo Grande terminal following the cancellation of previously scheduled cargoes for Chevron. Five Chevron-chartered tankers remain anchored near Aruba, awaiting further instructions amid the uncertain sanctions outlook. 

The situation reflects Venezuela's ongoing efforts to navigate complex geopolitical dynamics while keeping its vital oil sector afloat.