Valero Energy Completes First Venezuelan Crude Purchase Under New US-Venezuela Deal
Valero Energy has purchased Venezuelan crude from Vitol, marking the first transaction under a new US-Venezuela agreement allowing up to 50 million barrels.
Insights:
Valero Energy Corporation has successfully completed the first purchase of Venezuelan crude oil through trading house Vitol. This transaction marks a significant milestone as the inaugural deal under the recently established agreement between Washington and Caracas. The agreement permits U.S. Gulf Coast refiners to acquire up to 50 million barrels of Venezuelan crude, effectively reopening a supply channel that had been closed due to sanctions since 2019.
