Refiners bypass traders to buy Venezuelan crude directly from PDVSA

CommodityRegulation Impact 4
โดย Oilprice.com·Read original
Summary · why it matters

Global refiners are cutting out commodity traders and buying Venezuelan crude directly from state-run PDVSA, eroding the temporary monopoly held by Vitol and Trafigura. Phillips 66 and India's Reliance Industries have already signed direct supply agreements, with Valero and Thailand's Tipco expected to follow. The shift comes after the U.S. Treasury issued special licenses to Vitol and Trafigura until June 2027, allowing them to move more than 100 million barrels over six months while others were locked out. PDVSA is restoring its pre-2019 model of direct contracts, raising its realized prices by avoiding reseller premiums. Backed by U.S. regulatory clearance, Venezuela's total oil and fuel exports climbed past 1.2 million barrels per day in mid-2026, up from an average of 847,000 bpd in 2025, and are now eyeing 1.37 million bpd by year-end.

Impact on stocks 5

Synthetic Biology (non-pharma)▲ · 2 stocks
Phillips 66
PSX
▲ PositiveSupplyrelevance

Phillips 66 signed a direct supply agreement with PDVSA, securing crude supply without trader premiums.

Valero Energy Corporation
VLO
▲ PositiveSupplyrelevance

Valero is expected to follow Phillips 66 in signing a direct supply agreement with PDVSA, improving access to Venezuelan crude.

Energy▲ · 2 stocks
Energy Transition & Power Demand▲ · 1 stocks
Reliance Industries Limited
RIGD
▲ PositiveSupplyrelevance

Reliance Industries signed a direct supply agreement with PDVSA, securing crude supply without trader premiums.

Off-coverage companies 3

Petroleos de Venezuela, S.A. (PDVSA)Private± Mixed
relevance

Trafigura Group Pte. Ltd.Private± Mixed
relevance

Vitol GroupPrivate± Mixed
relevance

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