"We haven't heard many deals concluded since last Sunday when Chinese New Year holiday ended," a refinery source said.

LOOP has picked up speed in its first year of exports, from one ship every month or two, to two VLCCs loading within a few days of each other in early December.

The Black Sea delays have reduced and Mediterranean handysize freight rates have softened, making it easier to shift cargoes from the East to the West.

"We might see a wide range going forth as operators would have to cater to both fuel and gasoil deliveries," a trader said.

Japan is hoping to strengthen ties with Russia to ensure security of energy supply amid growing short-term uncertainty over the direction of the global oil market, Japan Minister of Economy, Trade and Industry Hiroshige Seko, has said.

"The real question is where will this supply [to Venezuela] come from?" a USGC market source said.

This slipping in rates comes following tough markets with significant volatility in the bunker fuel price.

"There is a lot of naphtha going to Asia," a USGC market source said.