U.S. to Open Venezuelan Oil Purchases to More Companies
The official revealed that all Venezuelan oil supply contracts must route through US markets under forthcoming authorization expected to include a comprehensive license easing existing restrictions.
This development signals a strategic pivot from the approach utilized for the initial 50-million-barrel export wave following the US detention of President Nicolas Maduro.
Prior to Maduro's January 3 arrest, a partial American embargo had been enforced for weeks, creating massive accumulation in storage facilities and vessels.
Vitol and Trafigura now face potential rivalry in what could become a lucrative market as US refiners explore direct procurement from state-owned Petroleos de Venezuela SA (PDVSA), according to the report.
An expanded licensing framework would likely accelerate the clearing of Venezuelan storage infrastructure and port terminals, enabling idled oil wells to gradually restart operations.
Last week, an American government official told media that the US finalized its first sale of Venezuelan oil, amounting to $500 million.
The official added that more oil sales are anticipated in the upcoming days and weeks.
The policy evolution comes as Washington seeks to monetize seized Venezuelan energy assets while reshaping global crude supply dynamics in the post-Maduro era.
Venezuelan oil exports have been severely constrained since 2019 when the US imposed sweeping sanctions targeting PDVSA revenues, crippling the nation's primary economic engine and triggering widespread petroleum infrastructure deterioration.
The broadened trading authorization could inject significant volume into international markets while generating substantial revenue streams now controlled by American authorities.
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