Phillips 66 and Citgo seek direct oil purchases from Venezuela to maximize profit margins
Phillips 66 and Citgo plan to buy crude directly from Venezuela in April to boost profits. They seek to bypass trading houses under a new general license.
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United States 
US refiners Phillips 66 and Citgo Petroleum are seeking to purchase heavy crude oil directly from Venezuela 
VE and its state oil company, PDVSA (Petróleos de Venezuela), starting in April. This commercial move is intended to increase profitability for the refiners by bypassing trading houses and intermediaries. Industry analysts note that this shift is significant as it could change the channels and scale of imports of Venezuelan oil and affect existing trading arrangements across the sector.
US refiners Phillips 66 and Citgo Petroleum are seeking to purchase heavy crude oil directly from Venezuela VE and its state oil company, PDVSA (Petróleos de Venezuela), starting in April. This commercial move is intended to increase profitability for the refiners by bypassing trading houses and intermediaries. Industry analysts note that this shift is significant as it could change the channels and scale of imports of Venezuelan oil and affect existing trading arrangements across the sector.
