Refiners Bypass Middlemen to Secure Direct Venezuelan Crude Deals

The shift marks a return to PDVSA’s pre-2019 business model, which favors direct partnerships over the costly reseller premiums demanded by middlemen. Previously, Vitol and Trafigura leveraged exclusive U.S. Treasury licenses and superior logistics to dominate the export of heavy grades like Merey 16. With those temporary advantages fading, refiners are moving to capture the margins previously lost to trading houses.

Chevron Corp. has emerged as a central player in this transition, boosting its Venezuelan exports to 293,000 barrels per day in the second quarter. The company’s increased stake in the Petroindependencia joint venture and expanded drilling rights in the Orinoco Oil Belt suggest a long-term commitment to controlling its own supply lines. Meanwhile, European majors Eni and Repsol are also securing direct liftings, effectively offsetting outstanding receivables through their involvement in the Cardón IV gas project.

While Venezuelan exports have climbed past 1.2 million barrels per day, the recovery faces stiff physical constraints. Rystad Energy notes that severe shortages of functional oilfield services and drilling equipment will temper production growth through 2028. Despite these operational hurdles, the trend toward vertical integration remains clear: refiners are choosing to deal directly with the source, leaving global trading houses to scramble for a diminishing role in the regional supply chain.