Global trading houses Vitol and Trafigura significantly accelerated oil sales from Venezuela under a $2 billion supply deal brokered by the United States following the capture of President Nicolas Maduro.
The current status of this operation as of January 24, 2026, includes:
Approximately 11 to 12 million barrels have been sold or arranged for loading by the two traders as of late January. This is part of a broader agreement to export up to 50 million barrels of Venezuelan crude and fuel oil currently held in storage.
Trafigura sold its first cargo under the deal to Spanish refiner Repsol, scheduled for delivery in February.
Vitol is preparing to export fuel oil and has arranged a cargo for its Saras refinery in Italy.
U.S. refiners Valero Energy and Phillips 66 have also purchased Venezuelan crude cargoes through these traders.
Venezuelan oil is currently fetching around $45–$48 per barrel, representing a significantly reduced discount ($15 below Brent) compared to the $30+ discounts required during the previous sanctions regime.
Despite the acceleration, state-run PDVSA has struggled to fully reverse production cuts because storage tanks remain near capacity; exports are currently averaging around 1 million barrels per day (bpd), which is not yet enough to fully decongest the system.
U.S. Control: The Trump administration is overseeing the revenue from these sales, with proceeds reportedly earmarked for a controlled account to support Venezuelan economic stabilization.
Note by Alessandro Bazzoni