US EditionVitol to load first diluent cargo under Venezuela supply deal this weekend: Report
Vitol and Trafigura, handling over 10% of global oil daily, received US licenses to market Venezuelan crude aiming to restart exports to Asia and the US.
- Next week, Vitol will load the first diluent cargo under a U.S.-backed plan, with traders contacting Asian buyers and providing services at the U.S. government's request.
- Earlier this month, the U.S. intervention prompted a White House initiative to redirect Venezuelan exports, with President Donald Trump saying authorities could send up to 50 million barrels to push prices toward $50 a barrel.
- Vitol offered March cargoes to Chinese and Indian refiners, including PetroChina, at discounts of about $8 to $8.50 per barrel against ICE Brent, traders said.
- Unfreezing flows has helped offset a rising geopolitical risk premium in regional markets, and any proceeds are set to be deposited into U.S.-controlled bank accounts for Venezuela and the United States.
- With volumes uncertain, Venezuelan extra-heavy, sour crude requires diluents like naphtha, and fossil-fuel companies may seek financial guarantees before investing.
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32 Articles
Vitol to Load First Venezuela Diluent Cargo This Weekend
Commodities trader Vitol is set to load its first cargo of naphtha from the U. S. Gulf Coast to Venezuela this weekend as part of a supply deal with the U. S. government. The vessel Hellespont Protector has been chartered for this delivery, which helps to thin Venezuela’s crude oil for easier processing. with information […] The post Vitol to Load First Venezuela Diluent Cargo This Weekend appeared first on Modern Diplomacy.
According to U.S. President Donald Trump, he will have a discretionary fund of billions of dollars from Venezuelan oil that he will be able to distribute as he sees fit.
Chevron competes with rivals for Venezuelan oil sales, sources say
KEY TAKEAWAYS: Chevron, Vitol and other traders vie for Venezuelan crude export deals with U.S. officials. Chevron seeks expanded U.S. license to boost Venezuelan oil exports. U.S. deal includes initial $2B supply agreement following capture of Maduro. Vitol received preliminary special license to begin Venezuela oil trade talks. U.S. oil major Chevron, global trading house Vitol and other oil traders, producers and refiners are competin…
Vitol Is in Talks With US Refiners to Gauge Interest in Venezuela's Oil
(Bloomberg) — Vitol Group, one of the world’s biggest commodities traders, is in discussions with US refiners to gauge their interest in buying Venezuelan oil after President Donald Trump said the South American country would relinquish as many as 50 million barrels to the US.
Vitol and Trafigura in talks with US on Venezuelan oil sales, sources say
Washington said it wants to control Venezuela's oil sales and revenue indefinitely. Trump has already said U.S. companies will invest in Venezuela and rebuild its oil industry to produce more oil and bring global energy costs down.
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