Overview
- The Trump administration authorized Vitol and Trafigura to market Venezuelan crude, with roughly 12 million barrels already loaded or arranged for sale.
- Offers to refiners have come at discounts to Brent of about $8–$9 for U.S. Gulf Coast buyers, with Reuters reporting sales to Valero and Phillips 66.
- Chinese outreach faces headwinds as PetroChina told traders not to buy for now, citing U.S. control concerns and offers viewed as less competitive than other heavy crude supplies.
- Early cargoes have been moved into storage financed largely by the traders themselves because banks are reluctant to participate, with margins pressured by market backwardation and rising freight costs.
- Special licenses reportedly run until June 2027 and may permit trading other commodities, while Senate Democrats seek greater transparency given the firms’ prior bribery cases.