Vitol Group, the world’s largest independent oil trader, has ramped up its oil purchases in Venezuela as the expiration of its U.S. operating license approaches.
According to documents seen by Bloomberg, Vitol is set to load at least 2.5 million barrels of Venezuelan oil this month — more than double the 1 million barrels it acquired in March. Although Vitol’s license to trade in Venezuela had not been previously reported, sources familiar with the situation said the company is acting within the bounds of U.S. sanctions and aims to continue operations until the license expires on May 27.
Unlike foreign operators such as Chevron, Repsol, Eni, and Maurel & Prom, which produce oil and gas in Venezuela and are now winding down operations, Vitol has no physical assets in the country and only engages in trading activities.
Vitol’s current deals are based on an agreement signed in 2023, and no new contracts have been established since then, according to a source. In addition to purchasing crude, Vitol has been supplying Venezuela with heavy naphtha — a critical feedstock used to dilute the country’s heavy crude for transport.
Several shipments are already underway. The VS Progress, chartered by Vitol, will deliver 300,000 barrels of heavy Blend 22 oil to a Texas refinery, with the Cape Tees scheduled to load another 300,000 barrels. Meanwhile, the Poliegos and Nissos Sikinos have loaded a combined 1.9 million barrels destined for U.S. Gulf Coast refineries. Additional cargoes are expected to be loaded in the coming weeks.
Neither Vitol nor U.S. government agencies have publicly commented on the company’s Venezuelan operations.