Vitol and Trafigura clinch early control of Venezuela’s crude exports

Vitol and Trafigura moved fastest to secure and export Venezuelan crude after U.S. sanctions, earning preliminary licenses and lining up the first cargo as U.S. majors avoid credit, legal and compliance risks. A $2 billion deal aims to sell up to 50 million barrels to U.S. refiners and other buyers, with revenue to flow to Venezuela under U.S. supervision. Chevron remains the only U.S. major active in Venezuela, while Exxon and Conocoface investor concerns; China continues to be a major buyer and creditor. The move highlights how trading houses’ global networks and risk tolerance give them an edge in restarting Venezuelan oil flows.