SEATTLE (Oil Monster): U.S. Gulf Coast refiners Valero Energy and Phillips 66 have secured Venezuelan crude shipments from independent trading firms, marking the initial transactions following Washington’s authorization to sell up to 50 million barrels of the South American nation’s stranded oil reserves. The purchases were facilitated through the Geneva-based trading house Vitol, which, alongside Trafigura, obtained special U.S. licenses to distribute Venezuelan crude under the new regulatory framework.
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Industry sources reported the cargoes were purchased at $8.50–$9.50 per barrel below Brent, reflecting heavy crude market dynamics. Traditionally, Valero and Phillips 66 sourced Venezuelan oil via Chevron, but these latest acquisitions signal a strategic pivot toward independent traders now empowered to handle sales and logistics.
The transactions follow a January 2026 agreement between Washington and Caracas to release millions of barrels of oil held after the political transition in Venezuela. U.S. Energy Secretary Chris Wright noted the early sales have already generated roughly $500 million, with prices about 30% higher than previous administration levels.
Analysts view these purchases as the beginning of Venezuelan crude’s re-entry into global markets, offering Gulf Coast refiners discounted heavy grades suitable for local refinery systems, while also potentially influencing broader U.S. energy supply and international trade flows.
