Global Refiners Are Cutting Out Oil Traders To Buy Venezuelan Crude Directly

Major refiners and oil producers are increasingly negotiating direct supply contracts with Venezuela’s state-owned petroleum company, circumventing the commodity trading intermediaries that had dominated Venezuelan crude marketing over the preceding six months. Following geopolitical developments in January, the U.S. administration facilitated a deal granting exclusive long-term licenses to trading houses Vitol and Trafigura through June 2027, effectively restricting market access for oth