Caribbean Basin crude oil and heavy product exports jump 45%

Crude oil and heavy product exports from the Caribbean Basin surged 45% year-to-date, according to Signal Ocean data. This represents an additional 880,000 barrels per day, a significant rise compared to 2025 levels, as stated by Niels Rasmussen, Chief Shipping Analyst at BIMCO. Adjusting for increased transhipments via the Bahamas, the total increase is estimated at 210 million new crude oil and heavy product barrels, equating to 790,000 barrels daily.

The Caribbean Basin now ranks as the top area for new barrels added to the market, surpassing other regions that previously had higher exports. While the Red Sea area saw a 1.9 million barrels per day increase, that rise was due to the relocation of existing Saudi barrels rather than an addition of new barrels to the market. Saudi Arabia's overall exports for the year have actually dropped by 1.7 million barrels per day.

The Caribbean Basin's export growth has propelled it to the eighth largest export area globally, now exceeding the exports from the Black Sea, Marmara Sea, Baltic Sea, and North Sea. Venezuela's exports have increased by 600,000 barrels, while Guyana's contributions stand at 200,000 barrels. Other countries have seen more modest changes in volumes.

This sharp increase in Caribbean Basin exports has not led to a proportional rise in tonne-miles. Instead, the average sailing distance for these exports has decreased by nearly 10%, resulting in a 31% year-on-year rise in tonne-mile demand. Looking ahead, Rasmussen anticipates continued growth in Caribbean Basin exports, citing Venezuela's potential to become one of the world's largest suppliers due to its vast proven oil reserves and Guyana's planned production expansion, which could add another 210,000 barrels per day by 2027.