Key Facts
• On January 21, Valero Energy purchased Venezuelan crude oil cargo.
• Phillips 66, another U.S. refiner, also bought Venezuelan crude.
• The purchases are part of a 50 million barrel oil supply deal signed earlier this month.
• The deal followed the detention of former Venezuelan President Nicolás Maduro.
• Both companies bought crude from Swiss oil trader Vitol.
• The crude was sold at a discount of about $8.50 to $9.50 per barrel off North Sea Brent prices.
• Vitol was among the first to receive a U.S. license to trade Venezuelan crude after Maduro’s detention.
• Details of the trade agreement remain confidential.
• Valero, Vitol, and the White House declined to comment on the transaction.
Summary
Valero Energy and Phillips 66, two major U.S. refiners, have purchased Venezuelan crude oil cargoes, marking what is believed to be the first such transactions since the detention of former Venezuelan President Nicolás Maduro. These purchases are part of a recently signed 50 million barrel oil supply agreement between the U.S. and Venezuelan governments. The crude was acquired from Swiss oil trader Vitol at a discounted price relative to North Sea Brent benchmarks. Vitol was among the first companies to obtain a U.S. license to trade Venezuelan crude following Maduro’s detention. The specifics of the trade deal remain confidential, and involved parties have not provided comments. This development signals a potential shift in U.S.-Venezuela energy trade relations under the new geopolitical context.
