Vitol and Trafigura: traders at the heart of Trump's Venezuela oil grab

… Sources</button></div><div class="md:flex md:flex-wrap md:space-y-0 relative mb-4 text-gray-800 md:mb-6 md:px-8 md:before:inset-x-8"><div class="typo-timestamp text-xs text-gray-600"><span data-testid="article-published-time">Published <!-- -->Sun, Jan 25, 2026 · 10:41 PM</span></div></div><div class="no-print -mx-4 aspect-3x2 w-svw md:mx-0 md:w-full" data-testid="article-main-media-component"><div class="splide" data-testid="article-main-media-slider-component"><ul class="splide__pagination"></ul><div class="splide__arrows absolute flex size-full items-center justify-between"><button class="splide__arrow splide__arrow--prev !relative !right-0 !top-[unset] !translate-x-0 !h-9 !w-9 rounded-full !border !border-solid border-gray-200 !bg-white text-gray-800 !opacity-100 hover:border-gray-800 group cursor-pointer disabled:cursor-auto disabled:border-gray-200 !-left-12 !border-gray-200 hover:!border-gray-800"><img src="data:image/svg+xml,%3csvg%20viewBox=&#x27;0%200%2024%2024&#x27;%20fill=&#x27;none&#x27;%20xmlns=&#x27;http://www.w3.org/2000/svg&#x27;%3e%3cpath%20d=&#x27;M15%206L9%2012L15%2018&#x27;%20stroke=&#x27;%232b2b2b&#x27;%20stroke-width=&#x27;1.5&#x27;/%3e%3c/svg%3e" width="24" height="24" alt="Prev slide" aria-label="Previous slide" class="block flex-shrink-0 group-disabled:hidden"/><img src="data:image/svg+xml,%3csvg%20viewBox=&#x27;0%200%2024%2024&#x27;%20fill=&#x27;none&#x27;%20xmlns=&#x27;http://www.w3.org/2000/svg&#x27;%3e%3cpath%20d=&#x27;M15%206L9%2012L15%2018&#x27;%20stroke=&#x27;%23EEEEEE&#x27;%20stroke-width=&#x27;1.5&#x27;/%3e%3c/svg%3e" width="24" height="24" alt="Prev slide" aria-label="Previous slide" class="hidden flex-shrink-0 group-disabled:block"/></button><button class="splide__arrow splide__arrow--next !relative !left-[unset] !top-[unset] !translate-x-0 !transition-colors !h-9 !w-9 rounded-full !border !border-solid border-gray-200 !bg-white text-gray-800 !opacity-100 hover:border-gray-800 group cursor-pointer disabled:cursor-auto disabled:border-gray-200 !-right-12 !border-gray-200 hover:!border-gray-800"><img src="data:image/svg+xml,%3csvg%20viewBox=&#x27;0%200%2024%2024&#x27;%20fill=&#x27;none&#x27;%20xmlns=&#x27;http://www.w3.org/2000/svg&#x27;%3e%3cpath%20d=&#x27;M9%206L15%2012L9%2018&#x27;%20stroke=&#x27;%232B2B2B&#x27;%20stroke-width=&#x27;1.5&#x27;/%3e%3c/svg%3e" width="24" height="24" alt="Next slide" aria-label="Next slide" class="block flex-shrink-0 group-disabled:hidden"/><img src="data:image/svg+xml,%3csvg%20viewBox=&#x27;0%200%2024%2024&#x27;%20fill=&#x27;none&#x27;%20xmlns=&#x27;http://www.w3.org/2000/svg&#x27;%3e%3cpath%20d=&#x27;M9%206L15%2012L9%2018&#x27;%20stroke=&#x27;%23EEEEEE&#x27;%20stroke-width=&#x27;1.5&#x27;/%3e%3c/svg%3e" width="24" height="24" alt="Next slide" aria-label="Next slide" class="hidden flex-shrink-0 group-disabled:block"/></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide flex w-full items-center justify-center"><div class="relative w-full overflow-hidden aspect-3x2" data-testid="article-thumbnail-component"><div style="background:center / cover no-repeat url(https://cassette.sphdigital.com.sg/image/businesstimes/109add0b625c2e793aa681c76a793ea4eff64810ddcef86bdb595900720f6c3a?w=960&amp;dpr=1&amp;f=webp)" class="absolute top-0 z-[-1] size-full overflow-hidden blur-[100px]"></div><img class="relative z-10 size-full object-contain" src="https://cassette.sphdigital.com.sg/image/businesstimes/109add0b625c2e793aa681c76a793ea4eff64810ddcef86bdb595900720f6c3a?w=960&amp;dpr=1&amp;f=webp" alt="A structure near the headquarters of Venezuela&#x27;s state-run oil company PDVSA in Caracas. Vitol and Trafigura have been granted contracts to sell 30 million to 50 million barrels of Venezuelan oil." width="3772" height="2510"/></div></li></ul></div></div><div class="splide" data-testid="article-main-media-caption-slider-component"><div class="splide__track"><ul class="splide__list"><li class="splide__slide px-3 py-2 font-poppins text-xs text-gray-800 md:px-8 group-data-[language=ms]:font-poppins group-data-[language=ta]:font-notoSansTamil"><div>A structure near the headquarters of Venezuela&#x27;s state-run oil company PDVSA in Caracas. Vitol and Trafigura have been granted contracts to sell 30 million to 50 million barrels of Venezuelan oil. PHOTO: REUTERS</div></li></ul></div></div></div><div class="typo-article-body mx-auto my-4 text-gray-800 md:mb-6 md:px-8 group-data-[language=ms]:font-poppins group-data-[language=ta]:font-notoSansTamil" data-testid="article-body-container"><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">US PRESIDENT Donald Trump has portrayed his takeover of Venezuela’s oil sales as a victory for America, but when his administration wanted to sell several billion dollars’ worth of the fuel quickly, the experts it turned to were a couple of foreign trading houses. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Vitol and Trafigura’s special licences to ship still-sanctioned Venezuelan barrels have given them a head start in a potentially lucrative trade, while Caracas is under pressure to get the oil flowing again after Trump’s blockade forced the industry to cut production levels as storage filled up. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">For Vitol and Trafigura, this is also a chance to claw back business in key markets. US restrictions on oil from Venezuela, Russia and Iran have squeezed Western commodity merchants out of a growing chunk of the global oil trade in recent years, much of which has flowed at heavy discounts to buyers in Asia. </p><div data-component="component-container" class="container px-0 no-print"><div class="md:my-12 ads-container-wrapper w-screen bg-gray-100 transition-all duration-300 border-gray-200 my-0 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );margin-bottom:0;margin-top:0"><div class="no-print relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="ad-placeholder no-print flex justify-center" style="min-height:250px" data-testid="dfp-ad-imu1" data-ad-type="imu1" data-ad-index="0" data-ad-article-id="8171239" data-ad-article-kicker="" data-ad-article-tags="trafigura,oil,venezuela,trump administration,donald trump,united states,oil and gas" data-ad-gs-channels="ias_1518374_pg,ias_1518336_pg,ias_1519571_pg,ias_3017612_pg,ias_3006610_pg,ias_3005071_pg,ias_1518394_pg,ias_3027036_pg,ias_1519342_pg,ias_1519568_pg,ias_1522513_pg,ias_3017608_pg,ias_3006364_pg,ias_1519345_pg,ias_3017602_pg,ias_3010449_pg,ias_1518370_pg,ias_1518364_pg,ias_3017574_pg,ias_1527424_pg,ias_3010239_pg,ias_3007987_pg,ias_3006365_pg,ias_1519349_pg,ias_1519567_pg,ias_3017632_pg,ias_1510285_pg"></div></div></div></div><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">“It’s a big prize for the commodity traders and a lot more immediate than for any of the global oil companies,” said Christian Frutig, a former Trafigura and Standard Chartered commodities executive. “It’s an opportunity to get back into a business that was previously off limits.”</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Taking delivery of and finding buyers for tens of millions of barrels of sanctioned oil, including a significant share stored on dark-fleet tankers off the coast of Venezuela, is a huge and complex task. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">The Trump administration turned to Vitol and Trafigura because they were seen as the companies that would be able to move the initial barrels most quickly, according to an official. </p><div data-component="component-container" class="container px-0 no-print"><div class="ads-container-wrapper w-screen bg-gray-100 transition-all duration-300 border-gray-200 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );margin-bottom:0;margin-top:0"><div class="no-print relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="ad-placeholder no-print flex justify-center" style="min-height:250px" data-testid="dfp-ad-midarticlespecial" data-ad-type="midarticlespecial" data-ad-index="0" data-ad-article-id="8171239" data-ad-article-kicker="" data-ad-article-tags="trafigura,oil,venezuela,trump administration,donald trump,united states,oil and gas" data-ad-gs-channels="ias_1518374_pg,ias_1518336_pg,ias_1519571_pg,ias_3017612_pg,ias_3006610_pg,ias_3005071_pg,ias_1518394_pg,ias_3027036_pg,ias_1519342_pg,ias_1519568_pg,ias_1522513_pg,ias_3017608_pg,ias_3006364_pg,ias_1519345_pg,ias_3017602_pg,ias_3010449_pg,ias_1518370_pg,ias_1518364_pg,ias_3017574_pg,ias_1527424_pg,ias_3010239_pg,ias_3007987_pg,ias_3006365_pg,ias_1519349_pg,ias_1519567_pg,ias_3017632_pg,ias_1510285_pg"></div></div></div><div data-testid="energy-report-entry-component" class="track-impression group relative mx-auto flex min-h-[312px] max-w-[760px] flex-col items-center justify-center rounded-lg border border-bt-blue-50 bg-cool-gray-50 bg-cover bg-left bg-no-repeat px-3 md:min-h-[328px] bg-[url(&#x27;/src/app/assets/energy-reports/energy-six-mobile.webp&#x27;)] md:bg-[url(&#x27;/src/app/assets/energy-reports/energy-six-tablet.webp&#x27;)] lg:bg-[url(&#x27;/src/app/assets/energy-reports/energy-six.webp&#x27;)] no-print mb-6 lg:-mx-8" data-section-name="powering asean future"><div class="flex min-h-[287px] w-full flex-col items-center justify-center px-6 py-3 text-center xs:w-[303px] md:ml-16 md:mr-auto md:w-[318px] md:items-start md:px-0 md:text-left"><div class="-mx-6 mb-2 flex items-center gap-2 md:mx-0"><div class="flex size-8 items-center rounded-full bg-white"><img src="data:image/svg+xml,%3csvg%20width=&#x27;36&#x27;%20height=&#x27;36&#x27;%20viewBox=&#x27;0%200%2036%2036&#x27;%20fill=&#x27;none&#x27;%20xmlns=&#x27;http://www.w3.org/2000/svg&#x27;%3e%3cg%20clip-path=&#x27;url(%23clip0_5242_21648)&#x27;%3e%3cpath%20d=&#x27;M12.1475%2025.5262C13.7713%2025.4295%2014.94%2023.913%2014.94%2021.8832C14.94%2019.5359%2013.474%2018.093%2011.5917%2018.093C11.3745%2018.093%2010.9582%2018.093%2010.8393%2018.1413V25.2086L11.8891%2025.5745C11.8891%2025.5745%2012.207%2025.5262%2012.1475%2025.5262ZM11.4934%2017.6281C13.2567%2017.6281%2014.3843%2016.4292%2014.3843%2014.4501C14.3843%2012.372%2013.275%2011.2973%2011.4339%2011.2973H10.8393V17.6305H11.4934V17.6281ZM6.66078%2025.6482L7.39265%2025.5492C8.02617%2025.4502%208.26403%2025.3053%208.26403%2025.1097V11.6149C8.26403%2011.4193%208.1451%2011.3709%207.23484%2011.249L6.68137%2011.173L6.6219%2010.7588H11.9508C15.7153%2010.7588%2017.0624%2012.0797%2017.0624%2014.1578C17.0624%2015.9666%2015.7748%2017.1909%2013.4969%2017.6305V17.7041C16.111%2017.948%2017.6571%2019.5382%2017.6571%2021.7636C17.6571%2024.3318%2015.8937%2026.0417%2012.1109%2026.0417H6.60132L6.66078%2025.6482Z&#x27;%20fill=&#x27;%232B2B2B&#x27;/%3e%3cpath%20d=&#x27;M20.6287%2025.6505L21.5596%2025.5515C22.1725%2025.4779%2022.4104%2025.3076%2022.4104%2025.112V11.249H21.9346C20.073%2011.3479%2018.982%2013.0095%2018.408%2014.6227L18.1907%2015.5018H17.6555L18.1701%2010.7588H29.3837L29.6421%2015.4787H29.1664L28.9491%2014.6227C28.3728%2012.8645%2027.3047%2011.2743%2025.5002%2011.249H24.9856V25.1856C24.9856%2025.3812%2025.1251%2025.4548%2025.9965%2025.5515L26.7695%2025.6505L26.829%2026.0417H20.5693L20.6287%2025.6505Z&#x27;%20fill=&#x27;%232B2B2B&#x27;/%3e%3c/g%3e%3cdefs%3e%3cclipPath%20id=&#x27;clip0_5242_21648&#x27;%3e%3crect%20width=&#x27;24&#x27;%20height=&#x27;16.8&#x27;%20fill=&#x27;white&#x27;%20transform=&#x27;translate(6%2010)&#x27;/%3e%3c/clipPath%3e%3c/defs%3e%3c/svg%3e" alt="BT Short Logo" width="32" height="32"/></div><p class="typo-eyebrow text-content-overlay-secondary">THE BUSINESS TIMES INSIGHTS</p></div><p class="mb-2 font-lct text-7xl font-medium leading-120 tracking-0 text-gray-800">Powering Asean&#x27;s Future 2026</p><p class="mb-4 font-poppins text-xs font-light leading-150 text-content-overlay-secondary">Find out how enterprises are navigating power constraints and sustainability targets</p><div class="flex w-full items-center justify-center rounded-full bg-bt-blue-500 py-3 text-white group-hover:bg-bt-blue-600"><p class="font-poppins text-4xs font-medium leading-170 tracking-2">ACCESS THE INSIGHTS</p></div></div><a class="absolute inset-0" href="/keywords/powering-asean-2026" data-discover="true"></a></div></div><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">The traders have been moving to deliver the large volumes of oil into storage in the Caribbean, but the crucial question is how quickly they can find buyers for it – and at what price.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Bloomberg reported previously that two tankers were scheduled to sail from Venezuela toward Europe, some of the first such shipments in almost a year, including one that would deliver barrels to Repsol’s oil refinery in Cartagena, Spain.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">The companies have also been offering cargoes to US Gulf Coast refiners at discounts to the Brent benchmark of about US$8 to US$9 a barrel, one person said. Reuters reported last week that Vitol had sold cargoes to Valero Energy and Phillips 66 at similar levels. </p><div data-component="component-container" class="container px-0 no-print"><div class="no-print mb-6 mt-8 border border-gray-200 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more-component"><div><p class="mb-6 border-b border-gray-200 pb-4 font-poppins text-4xs font-medium tracking-10 text-gray-600">SEE ALSO</p><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-individual-card-component"><div data-testid="basic-card-component" data-cueid="8144669" class="relative flex flex-wrap items-start gap-4"><div class="relative w-[70px] lg:w-[90px] aspect-3x2 order-1 flex-shrink-0"><div class="w-full overflow-hidden relative flex" data-testid="article-thumbnail-component"><a class="block size-full" href="/companies-markets/energy-commodities/oil-slides-2-trump-tones-down-threats-toward-greenland-and-iran?ref=article-see-also" data-discover="true"><img class="relative z-10 size-full object-cover" src="https://cassette.sphdigital.com.sg/image/businesstimes/4af997ae453e754faa03ede3862e2c27cddba98fb208acd46eff5a5c71a9418b?w=240&amp;dpr=1&amp;f=webp" alt="US West Texas Intermediate (WTI) crude fell US$1.26, or 2.1 per cent, to settle at a one-week low of US$59.36 a barrel." width="6561" height="4987"/></a></div></div><div class="flex flex-grow flex-col flex-1 w-full-120px lg:w-2/3 order-2"><h3 class="typo-card-headline !text-lg my-0 leading-130 tracking-0 font-semibold !font-lct" data-testid="card-title-component" data-article-id="8144669"><a class="inherit word-break !text-gray-800" rel="noopener" title="Oil slides 2% as Trump tones down threats toward Greenland and Iran" href="/companies-markets/energy-commodities/oil-slides-2-trump-tones-down-threats-toward-greenland-and-iran?ref=article-see-also" data-discover="true"><span class="inline-block hover:underline">Oil slides 2% as Trump tones down threats toward Greenland and Iran</span></a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-individual-card-component"><div data-testid="basic-card-component" data-cueid="8138006" class="relative flex flex-wrap items-start gap-4"><div class="relative w-[70px] lg:w-[90px] aspect-3x2 order-1 flex-shrink-0"><div class="w-full overflow-hidden relative flex" data-testid="article-thumbnail-component"><a class="block size-full" href="/companies-markets/energy-commodities/oil-prices-settle-higher-force-majeure-kazakh-field-slow-venezuela-exports?ref=article-see-also" data-discover="true"><img class="relative z-10 size-full object-cover" src="https://cassette.sphdigital.com.sg/image/businesstimes/a39f910faa701934a9c265404e52f0fe2c250d36536692751f9e5cf2d19fcee6?w=240&amp;dpr=1&amp;f=webp" alt="Brent futures settled up 32 cents, or 0.5 per cent, to US$65.24 a barrel on Wednedsay." width="3591" height="2394"/></a></div></div><div class="flex flex-grow flex-col flex-1 w-full-120px lg:w-2/3 order-2"><h3 class="typo-card-headline !text-lg my-0 leading-130 tracking-0 font-semibold !font-lct" data-testid="card-title-component" data-article-id="8138006"><a class="inherit word-break !text-gray-800" rel="noopener" title="Oil prices settle higher on force majeure at Kazakh field, slow Venezuela exports" href="/companies-markets/energy-commodities/oil-prices-settle-higher-force-majeure-kazakh-field-slow-venezuela-exports?ref=article-see-also" data-discover="true"><span class="inline-block hover:underline">Oil prices settle higher on force majeure at Kazakh field, slow Venezuela exports</span></a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-individual-card-component"><div data-testid="basic-card-component" data-cueid="8136551" class="relative flex flex-wrap items-start gap-4"><div class="relative w-[70px] lg:w-[90px] aspect-3x2 order-1 flex-shrink-0"><div class="w-full overflow-hidden relative flex" data-testid="article-thumbnail-component"><a class="block size-full" href="/international/global/world-oil-market-faces-major-surplus-first-quarter-iea?ref=article-see-also" data-discover="true"><img class="relative z-10 size-full object-cover" src="https://cassette.sphdigital.com.sg/image/businesstimes/3b916bd0565546ee8ec6c2e85341827d7097770ccf321946552c9d527dc3435c?w=240&amp;dpr=1&amp;f=webp" alt=" Orsknefteorgsintez oil refinery in Russia. The supply of oil has outpaced demand because Opec+, which includes Russia, began boosting its output in April 2025 after years of cuts." width="7513" height="4963"/></a></div></div><div class="flex flex-grow flex-col flex-1 w-full-120px lg:w-2/3 order-2"><h3 class="typo-card-headline !text-lg my-0 leading-130 tracking-0 font-semibold !font-lct" data-testid="card-title-component" data-article-id="8136551"><a class="inherit word-break !text-gray-800" rel="noopener" title="World oil market faces major surplus in first quarter: IEA" href="/international/global/world-oil-market-faces-major-surplus-first-quarter-iea?ref=article-see-also" data-discover="true"><span class="inline-block hover:underline">World oil market faces major surplus in first quarter: IEA</span></a></h3></div></div></div></div><div data-testid="section-related-stories" class="overflow-hidden transition-all duration-300" style="height:0"><div class="mb-6" data-testid="article-read-more-individual-card-component"><div data-testid="basic-card-component" data-cueid="8129424" class="relative flex flex-wrap items-start gap-4"><div class="relative w-[70px] lg:w-[90px] aspect-3x2 order-1 flex-shrink-0"><div class="w-full overflow-hidden relative flex" data-testid="article-thumbnail-component"><a class="block size-full" href="/international/global/trump-obsessed-oil-chinese-batteries-will-soon-run-world?ref=article-see-also" data-discover="true"><img class="relative z-10 size-full object-cover" src="https://cassette.sphdigital.com.sg/image/businesstimes/6dd5ab6827580be995e2fe462417deeba1c8a7b16467e3bbdeb03f570cb683d0?w=240&amp;dpr=1&amp;f=webp" alt="Chinese technology companies are paving the way for a world that will be powered by electric motors rather than gas-guzzling engines." width="6000" height="3680"/></a></div></div><div class="flex flex-grow flex-col flex-1 w-full-120px lg:w-2/3 order-2"><h3 class="typo-card-headline !text-lg my-0 leading-130 tracking-0 font-semibold !font-lct" data-testid="card-title-component" data-article-id="8129424"><a class="inherit word-break !text-gray-800" rel="noopener" title="Trump is obsessed with oil, but Chinese batteries will soon run the world" href="/international/global/trump-obsessed-oil-chinese-batteries-will-soon-run-world?ref=article-see-also" data-discover="true"><span class="inline-block hover:underline">Trump is obsessed with oil, but Chinese batteries will soon run the world</span></a></h3></div></div></div></div><div class="w-full"><div class="cursor-pointer border-t border-gray-200 pt-3 text-right !font-poppins text-base font-semibold capitalize tracking-0 !text-gray-800 [@media(hover:hover)]:hover:underline">More</div></div></div></div><div class="my-8 md:my-12 ads-container-wrapper w-screen bg-gray-100 transition-all duration-300 border-gray-200 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );margin-bottom:0;margin-top:0"><div class="no-print mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="ad-placeholder no-print flex justify-center" style="min-height:250px" data-testid="dfp-ad-imu2" data-ad-type="imu2" data-ad-index="0" data-ad-article-id="8171239" data-ad-article-kicker="" data-ad-article-tags="trafigura,oil,venezuela,trump administration,donald trump,united states,oil and gas" data-ad-gs-channels="ias_1518374_pg,ias_1518336_pg,ias_1519571_pg,ias_3017612_pg,ias_3006610_pg,ias_3005071_pg,ias_1518394_pg,ias_3027036_pg,ias_1519342_pg,ias_1519568_pg,ias_1522513_pg,ias_3017608_pg,ias_3006364_pg,ias_1519345_pg,ias_3017602_pg,ias_3010449_pg,ias_1518370_pg,ias_1518364_pg,ias_3017574_pg,ias_1527424_pg,ias_3010239_pg,ias_3007987_pg,ias_3006365_pg,ias_1519349_pg,ias_1519567_pg,ias_3017632_pg,ias_1510285_pg"></div></div></div></div><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Given that the traders are buying crude from Venezuela’s state oil company Petroleos de Venezuela SA (PDVSA) at Brent minus about US$15 a barrel, that suggests a potential for hefty profits, in an industry in which trading margins are typically measured in cents rather than dollars per barrel. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Still, the devil will be in the details: Many of the early cargoes have been moved straight into storage, where the traders will be responsible for financing the oil until they can sell it. That’s expensive because banks are largely unwilling to touch the trade, meaning the traders are financing it with their own cash, a person familiar with the matter said. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">What’s more, the oil market is in backwardation, with futures trading below spot prices, which makes financing oil in storage more expensive. If they can sell it, the traders’ margins are also likely to be eaten into by shipping costs, which have soared since the start of January.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">And the clock is ticking. The US plans to allow more companies to deal in Venezuelan crude, something that would help ease port and storage-tank congestion, but would mean greater competition for both barrels and buyers. </p><h2 class="-tracking-5 mb-4 md:mb-6" data-testid="heading-component">“Get what you want”</h2><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Vitol and Trafigura are two of the largest commodity trading houses: a secretive group of largely privately owned companies responsible for buying, selling and transporting natural resources to where they are needed across the globe. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Their sprawling network of dealmakers, contacts and logistics experts mean the traders have time and again been poised to step in and profit during times of geopolitical and economic upheaval. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Most recently, the industry reaped massive profits during the energy crisis that followed Russia’s invasion of Ukraine in 2022, a year in which Vitol’s sales of US$505 billion made it one of the biggest companies in the world by revenue.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Together, the two companies handle roughly enough oil every day to supply the needs of Japan, Germany, India and Mexico combined. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">And so earlier this month, when Trump summoned the world’s top oil CEOs to squirm under his questioning about their investment plans for Venezuela at a televised White House meeting, executives from Vitol and Trafigura came prepared with more than just promises. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">It turned out they were already arranging for ships to pick up and export the country’s crude.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">“Our first vessel should load in the next week,” Trafigura’s CEO Richard Holtum told the president. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">John Addison, a senior Vitol trader and major Trump donor went even further: “We’re here to ensure that you’re going to be able to move all of this oil all around the world at the best price possible so that the influence that you have over the Venezuelans will ensure that you get what you want.” </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Vitol and Trafigura’s opportunity in Venezuela comes just a handful of years after both were investigated and in some cases pleaded guilty to US charges of bribing national oil executives to secure contracts in South America. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">That history came up on Jan 22, as US Senate Democrats called for greater transparency over the arrangements behind the Venezuelan oil trade.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">“Given the urgency of the matter and the enormous risk of profiteering and corruption, the administration has a heightened obligation, beyond existing financial disclosure requirements,” the senators said.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Representatives for Vitol and Trafigura declined to comment. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">The two trading houses have been granted contracts with PDVSA to help sell between 30 million and 50 million barrels of Venezuelan oil relinquished to the US following the shock capture of former Venezuelan leader Nicolas Maduro in early January. </p><h2 class="-tracking-5 mb-4 md:mb-6" data-testid="heading-component">Picking up </h2><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Bloomberg reported previously hat Trafigura and Vitol had already loaded or arranged to take roughly 12 million barrels of Venezuelan oil, and were picking up the pace as the US prepares to open up the playing field to other traders and oil firms. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">The licences Trafigura and Vitol have with the US Treasury run until June 2027, according to people familiar with the matter, and also allow for trading other commodities such as metals and minerals. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">That could potentially open the door to exports of other resources, such as gold and aluminum. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Washington has said oil sales will benefit both the US and Venezuela, though traders are free to send it where they like – and appear to be doing so.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">The traders have been notifying refiners in the US to gauge interest for the oil, as well as in China and India, offering cargoes at discounts of about US$5 to US$8 a barrel to Brent to Asia. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">Before the latest US moves on Venezuela, heavy crude from the nation was sold at discounts of over US$10 a barrel to Brent futures, on a delivered basis, to China. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">The crude, a grade known as Merey, is a very dense liquid, meaning it is not the easiest to process, and many refineries are not built to handle this type of crude if used as a lone feedstock.</p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">“Before the sanctions, China and India were main buyers of Venezuelan crude in Asia as they have big coker units that can process the heavy oil,” Sparta Commodities analyst June Goh said. </p><p class="whitespace-pre-wrap break-words mb-4 md:mb-6" data-testid="article-paragraph-component">“That’s an opportunity for the trading houses to re-enter a trade which had been disrupted by US sanctions.” BLOOMBERG</p></div><div data-testid="article-btg-newsletter-component" data-section-name="newsletter" data-section-label="decoding asia 2" class="track-impression border-t border-gray-200 pb-6 pt-3 md:mx-8"><div><p class="typo-article-body text-xl font-medium italic leading-150 -tracking-5 text-gray-800">Decoding Asia newsletter: your guide to navigating Asia in a new global order. 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