Major global oil trading firms Vitol and Trafigura have opened discussions with refiners in India and China over potential purchases of Venezuelan crude oil, as exports from the South American producer begin to regain momentum after months of disruption.
Industry sources say the proposed shipments are expected to be delivered from March, following recent approvals that allow limited Venezuelan oil exports under a US-backed framework. The move comes after Washington reached agreements with international traders to help market crude previously stranded by sanctions.
The renewed activity is seen as a significant step toward restoring Venezuela’s oil flows, with the OPEC member seeking to re-establish its presence in key Asian markets. Traders are reportedly racing to secure vessels and logistics support to move the cargoes swiftly.
Vitol has already commenced operations, loading its first Venezuelan oil cargo for the United States this week. The firm is also said to be offering discounted crude to Indian state-owned refiners, with pricing reportedly several dollars below ICE Brent benchmarks on a delivered basis.
Refiners such as Indian Oil Corporation and Hindustan Petroleum Corporation are among those assessing the offers, while Reliance Industries has indicated it could resume purchases if regulations permit sales to buyers outside the United States.
In China, both Vitol and Trafigura have approached PetroChina to gauge interest. The state-owned refiner was once a major buyer of Venezuela’s heavy Merey crude before US sanctions curtailed trade between the two countries.
Trafigura confirmed it is providing logistical and marketing assistance to support the oil transactions but declined to comment on ongoing negotiations. Sources say cargoes are being proposed for delivery in the latter half of March.
Shipping data also shows renewed fuel movements linked to Venezuela’s oil sector. Vitol recently loaded a naphtha cargo from the United States destined for Venezuela, where it will be used to dilute heavy crude and facilitate transportation and processing.
The anticipated return of Venezuelan exports has helped ease market concerns over potential supply disruptions from other producers, including Iran. As a result, gains in global oil prices have remained capped, with Brent crude trading around the low-$60-per-barrel range early this week.
