New Delhi/Singapore Vitol and
Trafigura have started discussions on Venezuelan crude oil sales
with refiners in India and China for cargoes to be delivered in
March, several trade sources said on Monday.
The global commodities traders confirmed on Friday they had
struck agreements with the U.S. government to help market
stranded Venezuelan oil, days after the interim government in
Caracas agreed to export up to 50 million barrels of crude oil
to the U.S.
Their marketing efforts will accelerate the sale of
Venezuelan oil under the U.S. programme, allowing the OPEC
producer to resume exports which have been halted since the
ouster of President Nicolas Maduro.
The trading firms are scrambling to secure ships, moving
swiftly to sell the Venezuelan oil, with Trafigura’s CEO saying
it will load its first cargo for the U.S. this week.
Indian refiners, PetroChina
Vitol is approaching Indian state refiners to sell the oil,
two of the sources said. The trader offered a cargo at a
discount of $8-$8.50 a barrel to ICE Brent on a delivered basis
to one, one of the sources said.
Refiners Indian Oil Corp and Hindustan Petroleum
Corp would consider buying Venezuelan oil, sources
told Reuters last week. Neither responded to requests for
comment.
Reliance Industries said it would consider
resuming purchases of Venezuelan crude if sales to non-U.S.
buyers are permitted under U.S. regulations.
Vitol and Trafigura have also approached PetroChina,
exploring interest from the Chinese state refiner which was a
major buyer of Venezuela’s heavy sour Merey crude as well as
fuel oil before U.S. sanctions started, three sources said.
“The traders may first tap the big state oil traders rather
than teapots,” one of them said, referring to independent
refiners in China which typically buy cheap sanctioned oil.
PetroChina did not immediately respond to a request for
comment.
Vitol declined to comment. Trafigura said it is providing
logistical and marketing services to facilitate the sale of
Venezuelan oil, but declined to comment on the discussions.
Second-half march delivery
Another source said Vitol and Trafigura are offering cargoes
for delivery in the second half of March.
On Sunday, Vitol loaded the first cargo of naphtha from the
U.S. to Venezuela onto the Panamax-sized Hellespont Protector,
which is expected to arrive at Venezuela’s Port of Jose on
January 28, shipping data on Kpler showed.
Naphtha is used to thin Venezuela’s heavy crude oil and make
it easier to move and process.
The imminent resumption of Venezuelan oil exports has offset
concerns of a potential supply disruption in Iran to cap gains
in global oil futures.
Published on January 13, 2026
