Oil firms are rushing to arrange tankers and operations to move Venezuelan crude to the US after the ouster of President Nicolas Maduro, reports Reuters.

Trading houses and companies including Chevron, Vitol and Trafigura are competing for US government contracts to export crude. US President Donald Trump said Venezuela will turn over up to 50 million barrels of sanctioned oil. Trafigura told the White House its first vessel could load within a week.

Venezuela has stored oil in ageing, poorly maintained tankers and nearly filled onshore tanks due to a US blockade. Sources said liability and insurance rules prevent direct contact with sanctioned vessels, even with US licences. Onshore tanks have not been maintained for years, adding risks.

Shipping firms Maersk Tankers and American Eagle Tankers are considering expanding ship-to-ship transfer operations. Maersk may replicate logistics used in Amuay Bay and already operates in Aruba and Curacao, though transfers there or in US ports are more costly.

Maersk said it has 17 employees in Venezuela, all safe, with operations continuing despite minor delays. Sources warned that shortages of smaller ships and poor maintenance of equipment could complicate transfer operations.