Wedoany.com Report-Apr. 28, Vitol Group, the world’s largest independent oil trader, has increased its oil purchases from Venezuela in April, utilizing a U.S. license set to expire on May 27. The company is loading at least 2.5 million barrels of Venezuelan crude this month, more than doubling its March volume of 1 million barrels, according to trade documents. Vitol’s activities comply with current sanctions, as confirmed by a source familiar with the matter: “The company aims to move Venezuelan oil for as long as it can while remaining in compliance with sanctions.”
Based in London, Vitol operates under a 2023 agreement and has not entered new deals since, another source noted. Alongside crude purchases, Vitol is supplying Venezuela with heavy naphtha, a vital component for processing the country’s heavy oil to maintain production.
Recent shipments include the vessel VS Progress, chartered by Vitol, which will deliver 300,000 barrels of Blend 22 oil to a Texas refinery soon. Another ship, the Cape Tees, is scheduled to load an additional 300,000 barrels. Two other vessels, Poliegos and Nissos Sikinos, have loaded 1.9 million barrels combined, destined for U.S. Gulf Coast refineries. At least two more cargoes are expected to be loaded in the coming weeks, according to a knowledgeable source.
Unlike Vitol, which focuses solely on trading, other energy firms like Chevron Corp., Repsol SA, Eni SpA, and Maurel & Prom, which produce oil and gas in Venezuela, are scaling back operations as their U.S. licenses near expiration. Vitol’s spokesperson declined to comment, as did the U.S. Treasury and Venezuela’s state oil company, Petroleos de Venezuela SA. The White House National Security Council referred inquiries to the Treasury.
Vitol’s increased activity reflects its strategy to maximize trade within the licensed period, ensuring compliance while facilitating the flow of Venezuelan oil to global markets, particularly U.S. refineries.
