Vitol Plans Venezuelan Expansion Amid Oil Export Surge

The company’s interest follows an initial deal brokered with U.S. oversight to market 100 million barrels of Venezuelan crude. Much of this volume has been directed toward refiners in China and India, often trading at significant discounts to Brent benchmarks. Henry Medina, Vitol’s head of Latin America, confirmed the firm’s intent to build on its long-standing relationship with PDVSA to secure a more meaningful, localized presence.

Venezuelan exports reached 1.25 million barrels per day in May, the highest volume recorded since 2019. While current output remains a fraction of the 3 million barrels per day produced a decade ago, the influx of international firms suggests a sustained recovery. As Middle Eastern supply chains face ongoing disruptions, market conditions provide a clear incentive for Vitol to solidify its role as a primary intermediary for Venezuelan energy assets.