Crude oil and heavy product exports from the Caribbean Basin have surged 45% year-on-year in 2026, adding around 210 million barrels to the global dirty tanker market, according to BIMCO analysis based on Signal Ocean data.
The increase amounts to approximately 790,000 barrels per day, making the Caribbean Basin the largest source of new barrels added to the dirty tanker market so far this year. The region’s share of global exports has risen to 6.1% from 3.9% in 2025, with Venezuelan exports up by around 600,000 bpd and Guyanese exports by 200,000 bpd.
The growth has particularly benefited Suezmax tankers, which have carried 48% of the additional volumes, followed by LR2s at 29% and Aframaxes at 14%.
Despite the 45% increase in export volumes, tonne-mile demand has risen by a lower 31%, as a significant share of Venezuela’s additional cargoes has moved to the US and India, while shipments to China have declined. Average sailing distances from the Caribbean Basin have consequently fallen by nearly 10%.
BIMCO expects Caribbean Basin exports to continue growing, with further production expansion planned in Guyana and significant potential for Venezuela. According to the International Energy Agency, Guyana’s exports could increase by another 210,000 bpd in 2027.