Trending:Trump at DavosT20 WC DramaGreenland rowBoard of PeaceDeepinder Goyal steps downValero, Phillips 66 buy Venezuelan crude cargoes under US deal with Caracas: ReportFP Business Desk • January 22, 2026, 14:02:10 ISTWhatsapp Facebook TwitterVitol, along with rival trader Trafigura, was among the first firms granted US government licences this month to market Venezuelan crude following the ouster of President Nicolas Maduro in early JanuaryAdvertisementSubscribe Join Us+ Follow us On GoogleChoose Firstpost on GoogleValero, Phillips 66 buy Venezuelan crude cargoes under US deal with Caracas. File/ReutersValero Energy and Phillips 66 have purchased cargoes of Venezuelan crude oil, marking some of the first deals by US Gulf Coast refiners under Washington’s agreement with Caracas allowing exports of up to 50 million barrels, Reuters reported on Wednesday, citing sources. Valero bought one cargo, while Phillips 66 purchased another, the report said, adding that both refiners bought the crude from trading house Vitol. The oil was traded for delivery to the US Gulf Coast at a discount of around $8.50 to $9.50 a barrel to Brent crude, the report said. STORY CONTINUES BELOW THIS ADVitol, along with rival trader Trafigura, was among the first firms granted US government licences this month to market Venezuelan crude following the ouster of President Nicolas Maduro in early January. More from Business First US sale of Venezuelan oil goes to Vitol: Its trader donated to Trump’s re-election campaign Why stability in Venezuela is essential even for the USWhile Valero and Phillips 66 have previously bought Venezuelan crude through Chevron, a partner of state oil firm PDVSA, the latest transactions mark the first US purchases sourced directly from trading houses newly authorised to handle Venezuelan exports. According to the report, Vitol and Trafigura bought the Venezuelan oil at a $15 a barrel discount to the global Brent benchmark. US Energy Secretary Chris Wright said last week that initial sales of Venezuelan heavy crude worth roughly $500 million were negotiated at similar discounts. The traders will bear shipping costs to the US Gulf Coast, estimated at between $2.50 and $3.50 a barrel depending on tanker size, the report said.
