Vitol and Trafigura offer Venezuelan oil to Indian and Chinese refiners for March delivery

Vitol and Trafigura have begun talks with refiners in India and China to sell Venezuelan crude for delivery in March, after reaching agreements with the U.S. government to help market stranded Venezuelan oil. Traders are offering cargoes for the second half of March and moving to secure ships.

Vitol and Trafigura have started discussions with refiners in India and China to sell Venezuelan crude for cargoes due in March. The two trading firms recently told the U.S. government they would help market stranded Venezuelan oil, following an interim Caracas agreement to export up to 50 million barrels to the United States. Traders are actively offering cargoes, seeking ships and buyers, and taking logistical steps to resume exports that had been halted. Shipping moves include a recent U.S. naphtha shipment to Venezuela intended to help process heavy crude. What is known: - Vitol and Trafigura have begun marketing Venezuelan crude to refiners in India and China for March delivery. - The traders confirmed agreements with the U.S. government to assist in selling stranded Venezuelan oil after Caracas agreed to export up to 50 million barrels to the U.S. - Cargoes are being offered for the second half of March, with one reported offer at about $8–$8.50 a barrel below ICE Brent on a delivered basis to an Indian refiner. - Traders are working to secure ships and logistics, and Trafigura's CEO said the firm will load its first U.S.-bound cargo this week. - Vitol loaded a U.S. naphtha cargo headed for Venezuela, expected to arrive at the Port of Jose on Jan. 28; naphtha is used to thin heavy crude. Summary: The reported talks and U.S. marketing agreements are paving the way for Venezuelan crude to re-enter international trade, with deliveries being offered for March. Further sales and actual shipments are expected to proceed as traders secure buyers and shipping, with details of volumes and confirmed destination refiners still developing.