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EXCLUSIVE: How a Vitol trader's ties to JD Vance helped land a prized Venezuela oil contract
Reuters · 2026-11-11
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data-nav="Markets" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20 link">Markets</a><button data-testid="DropDownButton" type="button" class="nav-bar-module__button__YVhxE" tabindex="0" data-react-aria-pressable="true" aria-label="Markets" aria-haspopup="true" aria-expanded="false"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 15 9" aria-hidden="true" focusable="false" role="presentation" data-testid="IconChevronDown" class="nav-bar-module__arrow__D1LfD chevron-down"><path d="M14.093.337c-.411-.45-1.028-.45-1.44 0L7.2 6.3 1.749.337c-.411-.45-1.028-.45-1.44 0a1.16 1.16 0 0 0 0 1.576l6.171 6.75c.206.225.515.337.72.337.205 0 .515-.112.72-.338l6.172-6.75a1.16 1.16 0 0 0 0-1.575h.001Z"></path></svg></button></div><div class="nav-bar-module__hidden__1Qi40" data-testid="sectionDropdownContainer" role="presentation"><span data-focus-scope-start="true" hidden=""></span><div data-testid="Markets" class="nav-bar-module__dropdown__bsmM6" id="react-aria-_R_3d7ila_"><div class="nav-dropdown-module__container__X8zm-" data-testid="NavDropdownContainer"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__submenu__-HR75"><div class="nav-dropdown-module__inner__VS6zv"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="SectionDropdown" href="/markets/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Browse Markets</a></h2><div class="nav-dropdown-module__sections__i94UN"><ul class="nav-dropdown-module__sections-group__CPSAa"><li><a data-testid="Body" 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class="nav-bar-module__nav-item__EUpy4 nav-bar-module__category__bRFMO"><div class="nav-bar-module__nav-button__mCZoN"><a data-testid="Body" href="/sustainability/" data-nav="Sustainability" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20 link">Sustainability</a><button data-testid="DropDownButton" type="button" class="nav-bar-module__button__YVhxE" tabindex="0" data-react-aria-pressable="true" aria-label="Sustainability" aria-haspopup="true" aria-expanded="false"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 15 9" aria-hidden="true" focusable="false" role="presentation" data-testid="IconChevronDown" class="nav-bar-module__arrow__D1LfD chevron-down"><path d="M14.093.337c-.411-.45-1.028-.45-1.44 0L7.2 6.3 1.749.337c-.411-.45-1.028-.45-1.44 0a1.16 1.16 0 0 0 0 1.576l6.171 6.75c.206.225.515.337.72.337.205 0 .515-.112.72-.338l6.172-6.75a1.16 1.16 0 0 0 0-1.575h.001Z"></path></svg></button></div><div class="nav-bar-module__hidden__1Qi40" data-testid="sectionDropdownContainer" role="presentation"><span data-focus-scope-start="true" hidden=""></span><div data-testid="Sustainability" class="nav-bar-module__dropdown__bsmM6" id="react-aria-_R_4d7ila_"><div class="nav-dropdown-module__container__X8zm-" data-testid="NavDropdownContainer"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__submenu__-HR75"><div class="nav-dropdown-module__inner__VS6zv"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="SectionDropdown" href="/sustainability/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Browse Sustainability</a></h2><div class="nav-dropdown-module__sections__i94UN"><ul class="nav-dropdown-module__sections-group__CPSAa"><li><a data-testid="Body" href="/sustainability/boards-policy-regulation/" data-subnav="Sustainability_Boards, Policy & Regulation" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Boards, Policy & Regulation</a></li><li><a data-testid="Body" href="/sustainability/climate-energy/" data-subnav="Sustainability_Climate & Energy" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Climate & Energy</a></li><li><a data-testid="Body" href="/sustainability/land-use-biodiversity/" data-subnav="Sustainability_Land Use & Biodiversity" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Land Use & Biodiversity</a></li><li><a data-testid="Body" href="/sustainability/society-equity/" data-subnav="Sustainability_Society & Equity" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Society & Equity</a></li><li><a data-testid="Body" href="/sustainability/sustainable-finance-reporting/" data-subnav="Sustainability_Sustainable Finance & Reporting" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Sustainable Finance & Reporting</a></li><li><a data-testid="Body" href="/sustainability/the-switch/" data-subnav="Sustainability_The Switch" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">The Switch</a></li><li><a data-testid="Body" href="/sustainability/reuters-impact/" data-subnav="Sustainability_Reuters Impact" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters Impact</a></li><li><a data-testid="Body" href="/sustainability/cop/" data-subnav="Sustainability_COP31" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">COP31</a></li></ul></div></div></div></div></div></div><span data-focus-scope-end="true" hidden=""></span></div></li><li class="nav-bar-module__nav-item__EUpy4"><div class="nav-bar-module__nav-button__mCZoN"><button data-testid="Text" type="button" tabindex="0" data-react-aria-pressable="true" aria-haspopup="true" aria-expanded="false" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__extra_small__8Buss nav-bar-module__button__YVhxE">More<svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 15 9" aria-hidden="true" focusable="false" role="presentation" data-testid="IconChevronDown" class="nav-bar-module__arrow__D1LfD nav-bar-module__more__C7bEy chevron-down"><path d="M14.093.337c-.411-.45-1.028-.45-1.44 0L7.2 6.3 1.749.337c-.411-.45-1.028-.45-1.44 0a1.16 1.16 0 0 0 0 1.576l6.171 6.75c.206.225.515.337.72.337.205 0 .515-.112.72-.338l6.172-6.75a1.16 1.16 0 0 0 0-1.575h.001Z"></path></svg></button></div><div class="nav-bar-module__hidden__1Qi40" data-testid="moreSectionDropdownContainer" role="presentation"><span data-focus-scope-start="true" hidden=""></span><div class="nav-bar-module__dropdown__bsmM6" id="react-aria-_R_l7ila_"><div class="nav-dropdown-module__container__X8zm-" data-testid="NavDropdownContainer"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__submenu__-HR75"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__more-sections__9LctJ"><div class="nav-dropdown-module__group-container__B7ZaS"><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/legal/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Legal</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/legal/government/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Government</a></li><li><a data-testid="Body" href="/legal/legalindustry/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Legal Industry</a></li><li><a data-testid="Body" href="/legal/litigation/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Litigation</a></li><li><a data-testid="Body" href="/legal/transactional/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Transactional</a></li><li><a data-testid="Body" href="/legal/us-supreme-court/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">US Supreme Court</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/commentary/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Commentary</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/commentary/breakingviews/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Breakingviews</a></li><li><a data-testid="Body" href="/commentary/reuters-open-interest/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">ROI: Reuters Open Interest</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/technology/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Technology</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/technology/artificial-intelligence/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Artificial Intelligence</a></li><li><a data-testid="Body" href="/technology/cybersecurity/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cybersecurity</a></li><li><a data-testid="Body" href="/technology/space/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Space</a></li><li><a data-testid="Body" href="/technology/disrupted/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Disrupted</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/investigations/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Investigations</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/sports/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Sports</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/sports/world-cup/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">World Cup</a></li><li><a data-testid="Body" href="/sports/athletics/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Athletics</a></li><li><a data-testid="Body" href="/sports/baseball/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Baseball</a></li><li><a data-testid="Body" href="/sports/basketball/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Basketball</a></li><li><a data-testid="Body" href="/sports/cricket/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cricket</a></li><li><a data-testid="Body" href="/sports/cycling/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cycling</a></li><li><a data-testid="Body" href="/sports/formula1/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Formula 1</a></li><li><a data-testid="Body" href="/sports/golf/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Golf</a></li><li><a data-testid="Body" href="/sports/nfl/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">NFL</a></li><li><a data-testid="Body" href="/sports/nhl/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">NHL</a></li><li><a data-testid="Body" href="/sports/soccer/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Soccer</a></li><li><a data-testid="Body" href="/sports/tennis/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Tennis</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/science/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Science</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/lifestyle/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Lifestyle</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/lifestyle/culture-current/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Culture Current</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/city-memo/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">City Memo</a></h2></section></div><div class="nav-dropdown-module__group-container__B7ZaS"><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/graphics/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Graphics</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/chart-of-the-week/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Chart of the Week</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/pictures/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Pictures</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/wider-image/" 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data-testid="RegularArticleLayout" class="regular-article-layout-module__container__qlWZP"><div data-testid="MainContent" class="regular-article-layout-module__content-container__vBc5- paywall-B064F03B" dir="ltr"><main class="regular-article-layout-module__main__lKixO" id="main-content" role="main"><article data-testid="Article" class="article-module__container__FNVk0"><div class="article-module__main__1N9VH"><div class="article-module__content__lRTp3"><header data-testid="DefaultArticleHeader"><div class="default-article-header-module__container__b05Pl"><div class="default-article-header-module__heading__TeQVW"><div data-testid="KickerWithBadge" class="kicker-with-badge-module__container__LthhX kicker-with-badge-module__exclusive__COhu5"><div data-testid="TestTypeLabel" class="type-label-module__container__2BRwo type-label-module__exclusive__63t6j kicker-with-badge-module__badge__Q5q6V"><p data-testid="Body" class="text-module__text__0GDob text-module__tr-orange-2024__EFtqJ text-module__bold__chuBM text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body_bold__ruT7x type-label-module__text__-O6C7">EXCLUSIVE</p></div></div><h1 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_article__2yUro heading-module__base__p-zaD heading-module__heading_article__h3IXH headline-module__headline__L8lWb">How a Vitol trader's ties to JD Vance helped land a prized Venezuela oil contract</h1><div data-testid="InfoContent" class="info-content-module__info__FR-5y default-article-header-module__info-content__EOcyE"><div data-testid="AuthorName" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu"><span data-testid="Text" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__tag_label__4kwMu">By </span><a data-testid="AuthorNameLink" 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Vance flew in Air Force Two for a visit to Montana's Yellowstone Club, an ultra-exclusive ski and golf resort.</div><div data-testid="paragraph-1" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">There, he met an old friend and early financier of his political career, John Addison, a gasoline trader with commodities giant Vitol, according to a person familiar with the matter.</div><p data-testid="promo-box" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__promo-box__hVl8h"> <!-- -->Sign up<!-- --> <!-- --> <a data-testid="Link" referrerPolicy="no-referrer-when-downgrade" href="undefined?location=article-paragraph&redirectUrl=%2Fbusiness%2Fenergy%2Fexclusive-how-vitol-traders-ties-jd-vance-helped-land-prized-venezuela-oil-2026-11-11%2F" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC">here.</a></p><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-2" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Flight records reviewed by Reuters show Addison's private Embraer jet and Vance's vice-presidential plane together on the tarmac at the Bozeman Yellowstone International Airport, about an hour's drive from the resort, on Dec. 27, a week before the invasion.</div><div data-testid="paragraph-3" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Vance and Addison talked about Venezuela, according to the person, who was given an account of the meeting from Addison. Vance was particularly interested to know how quickly Venezuelan crude could be sold if the US hypothetically gained control of the country's oil supplies, the person said. Addison assured Vance that Vitol was uniquely placed to do that job.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-4" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">For this article, both Addison and Vance's office denied having the Dec. 27 meeting in Montana. "And anyone who says so is absolutely making it up because I've never told a single soul that was the case," Addison told Reuters.</div><div data-testid="paragraph-5" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">But Addison confirmed to Reuters that on Jan. 5 – two days after the operation that unseated Venezuelan President Nicolas Maduro and killed up to 100 people – US Energy Secretary Chris Wright called him at his desk in Houston with an irresistible offer.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-6" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">President Donald Trump's administration was planning to start selling the South American OPEC nation's crude to global buyers to finance its coming political transition, and Wright wanted to know from Addison if Vitol wanted the job.</div><div data-testid="paragraph-7" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"I thought that he was just going to call to get an update on the market,'" Addison told Reuters in a recent interview. "The phone call went a different way."</div><div data-testid="paragraph-8" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The Department of Energy confirmed Wright called Addison Jan. 5 to discuss Venezuela.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-9" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Within days, Vitol and its rival Trafigura landed special licenses to sell Venezuela's oil, and the companies have since earned hundreds of millions of dollars marketing the crude.</div><div data-testid="paragraph-10" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The details of how Vitol secured one of the administration's most coveted energy licenses have not previously been reported.</div><div data-testid="paragraph-11" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Addison, 48, wasn't the obvious choice to receive such a call from Wright. He was a senior trader at Vitol, not the firm's regional CEO. And his specialty was buying and selling US gasoline, not Latin American crude oil.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-12" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">But Vance had told Wright that Addison was trustworthy, paving the way for the call, Addison told Reuters.</div><div data-testid="paragraph-13" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">A US official confirmed to Reuters on condition of anonymity that Vance had told Wright in a conversation that Addison was a trustworthy person in the energy industry. The official said that conversation happened at least a year before the Jan. 5 phone call.</div><div data-testid="paragraph-14" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The Department of Energy told Reuters in a statement that Vance and Wright never discussed the sales of Venezuelan oil, and that the department picked Vitol because it is the largest energy and commodity trader in the world.</div><div data-testid="paragraph-15" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The Montana meeting and the unusually prominent role played by Addison in securing the lucrative contract raise fresh questions among Democratic lawmakers about how personal connections might have influenced access to government business after the Venezuela operation.</div><div data-testid="paragraph-16" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Robert Garcia, the ranking Democrat on the House Oversight Committee and its incoming chair, <a data-testid="Link" referrerPolicy="no-referrer-when-downgrade" href="https://www.reuters.com/business/energy/us-lawmaker-asks-vitol-trafigura-about-venezuela-oil-deals-2026-01-29/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC">sent a letter</a> to the heads of both Vitol and Trafigura in January asking questions about the circumstances under which they secured the licenses.</div><div data-testid="paragraph-17" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Garcia said in a statement at the time he was concerned about Vitol's involvement in part because of Addison's history of pro-Trump political donations. Garcia also expressed concern that Vitol and Trafigura may have been given advance notice of military action against Venezuela.</div><div data-testid="paragraph-18" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"For months, Oversight Democrats have been demanding answers about the Trump Administration's massive Venezuelan oil deal and whether oil-company insiders received advance warning of military action against Venezuela," Garcia told Reuters.</div><div data-testid="paragraph-19" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"New reporting that JD Vance met with a senior Vitol trader before Maduro's capture raises even more questions about who knew what and when," he said.</div><div data-testid="paragraph-20" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Vitol and Trafigura declined to comment on whether they had answered Garcia's letter, but both told Reuters they had been given no advance knowledge of US military operations in Venezuela.</div><div data-testid="paragraph-21" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Typically, large US government contracts are awarded in a competitive bidding process to ensure transparency, prevent favoritism, and secure the best possible financial returns to taxpayers.</div><div data-testid="paragraph-22" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">But the Trump administration has defended its decision to skip that process, arguing that moving fast after Maduro was seized was critical to stabilizing Venezuela's struggling economy and ensuring that everyday services and debt restructuring efforts received immediate funding.</div><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS article-body-module__heading__KTJKz">BIG MONEY</h2><div data-testid="paragraph-23" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Venezuela sits on top of the world's largest crude-oil reserves, but its production levels had dropped below a third of their peaks after years of under-investment, mismanagement and crippling sanctions.</div><div data-testid="paragraph-24" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Trump said after the January invasion that the US intends to control Venezuela's crude and revenues indefinitely and wants to attract $100 billion in investment from US oil companies to revitalize the country's production. He argues this would bolster US energy security by raising volumes of available supply in the Western Hemisphere.</div><div data-testid="paragraph-25" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">So far, the biggest beneficiaries in the aftermath of the US operation in Venezuela have been Vitol and Trafigura. Trafigura was offered its license from the US government to sell Venezuelan oil days after Vitol, at some point during the second week of January, according to a source familiar with the matter.</div><div data-testid="paragraph-26" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Tom Seng, an energy finance expert and professor at Texas Christian University, estimated that the traders were making between $3 and $3.50 in profit on every barrel of Venezuelan oil sold. He based the estimate on ongoing market conditions and shipping rates, and said the returns amounted to a roughly 3.5% to 4% profit margin.</div><div data-testid="paragraph-27" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Those returns would translate to hundreds of millions of dollars in profit on the Venezuelan crude contract because the country has exported over 200 million barrels of crude oil so far this year, according to US government data.</div><div data-testid="paragraph-28" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Vitol's operating profit margins over the past three years have ranged between 1% and 3%, according to a Reuters review of its annual reports. The privately held trading firms do not disclose profits from individual transactions and the estimates on their profit margins and volumes of oil they have sold could not be independently verified.</div><div data-testid="paragraph-29" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Trafigura and Vitol told Reuters they could not comment on the terms of their commercial agreements with Venezuela's state-owned oil company PDVSA to sell the oil because they are confidential.</div><div data-testid="paragraph-30" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">More recently, Trump announced the US had gained access to about a fifth of Venezuela's crude reserves through a partnership with North American Blue Energy Partners, one of Venezuela's largest privately-owned oil producers.</div><div data-testid="paragraph-31" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The company is owned by <a data-testid="Link" referrerPolicy="no-referrer-when-downgrade" href="https://www.reuters.com/business/energy/venezuelan-billionaire-us-investigated-money-laundering-now-has-pentagon-oil-2026-09-05/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC">billionaire Alejandro Betancourt</a>, who was until recently the target of US money-laundering investigations involving funds embezzled from PDVSA. The company's deal with Washington grants the US a 35% stake in its corporate parent and the right to buy 20% of output at production cost.</div><div data-testid="paragraph-32" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Reuters was unable to determine if Vitol or Trafigura was marketing any of NABEP's current oil production of roughly 220,000 barrels per day.</div><div data-testid="paragraph-33" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Vitol said it has a commercial relationship with NABEP, but no long-term contract. It did not provide details of the commercial relationship.</div><div data-testid="paragraph-34" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Trafigura did not comment when asked.</div><div data-testid="paragraph-35" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">A lawyer for Betancourt said allegations against Betancourt have been examined extensively by authorities in multiple jurisdictions, and no charges have been brought against him.</div><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS article-body-module__heading__KTJKz">AT THE WHITE HOUSE</h2><div data-testid="paragraph-36" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Things moved quickly after Addison and Wright spoke.</div><div data-testid="paragraph-37" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">By Jan. 9, both Vitol and Trafigura had landed their licenses and Addison was in the White House, rubbing shoulders with the CEOs of ExxonMobil and Chevron in a televised meeting with Trump over the future of Venezuela's oil industry.</div><div data-testid="paragraph-38" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"We're here to ensure that you are 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," Addison told Trump during the televised meeting.</div><div data-testid="paragraph-39" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Vitol's regional CEO Ben Marshall was also at the meeting, and <a data-testid="Link" target="_blank" referrerPolicy="no-referrer-when-downgrade" href="https://www.democrats.senate.gov/newsroom/trump-transcripts/transcript-president-trump-meets-with-oil-and-gas-executives-at-the-white-house-10926" rel="noopener" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76">thanked Trump<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32" aria-hidden="true" focusable="false" role="presentation" data-testid="NewTabSymbol" class="link-module__new-tab-symbol__d53s7"><path fill="currentColor" d="M15 6c.6 0 1 .4 1 1s-.4 1-1 1H9c-.6 0-1 .4-1 1v14a1.1 1.1 0 0 0 .2.6c.1.2.4.4.8.4h14c.6 0 1-.4 1-1v-6c0-.6.4-1 1-1s1 .4 1 1v6a3 3 0 0 1-3 3H9a3 3 0 0 1-2.2-.9A3 3 0 0 1 6 23V9a3 3 0 0 1 3-3Zm10 0 .4.1.5.5.1.4v6c0 .6-.4 1-1 1s-1-.4-1-1V9.4l-5.3 5.3a1 1 0 0 1-.7.3 1 1 0 0 1-.7-.3 1 1 0 0 1 0-1.4L22.6 8H19c-.6 0-1-.4-1-1s.4-1 1-1Z"></path></svg><span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">, opens new tab</span></a> for the opportunity to market Venezuela's oil.</div><div data-testid="paragraph-40" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Vitol told Reuters Addison did not have the technical knowledge to negotiate an international crude contract given his expertise as a gasoline trader, and had gotten Marshall and the crude team involved after the Jan. 5 call.</div><div data-testid="paragraph-41" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Trafigura was represented at the meeting by its Chief Executive Officer, Richard Holtum.</div><div data-testid="paragraph-42" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Addison had been an early backer of Vance, contributing $300,000 in 2022 to the Protect Ohio Values Political Action Committee to help Vance's successful bid for one of Ohio's US Senate seats, Federal Election Commission records show.</div><div data-testid="paragraph-43" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Later, Addison and his wife, Shannon, contributed $7 million in 2024 to political action committees, including $5 million to Make America Great Again, to help secure Trump's second term in the White House, according to the FEC records.</div><div data-testid="paragraph-44" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Addison had admired <a data-testid="Link" referrerPolicy="no-referrer-when-downgrade" href="https://www.reuters.com/world/us/jd-vance-once-compared-trump-hitler-now-they-are-running-mates-2024-07-15/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC">Vance's brand of conservative politics</a>, according to three people familiar with the relationship.</div><div data-testid="paragraph-45" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Around this time, as the pair were bonding over shared political perspectives, Addison was closing a more troubled chapter in his career. Vitol and SK Energy in 2024 settled a gasoline price manipulation case with the state of California for $50 million following a decade-long legal battle. Addison had been named as the most senior Vitol executive in the alleged scheme.</div><div data-testid="paragraph-46" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Neither Vitol nor Addison admitted any wrongdoing.</div><div data-testid="paragraph-47" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Vitol declined to comment on the case for this article.</div><div data-testid="paragraph-48" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Addison did not return messages seeking comment about the case.</div><div data-testid="paragraph-49" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The following year, in 2025, Addison bought a new Embraer jet, according to Federal Aviation Administration records. The plane, which listed for around $14 million, was used for his increasingly frequent flights to Montana's Yellowstone Club, where Addison says he is now building a home, putting him in the company of billionaires, tech moguls and Hollywood celebrities.</div><div data-testid="paragraph-50" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Before construction began, Addison's undeveloped acre of land had an assessed value of $16.4 million, according to Montana Department of Revenue records.</div><div data-testid="paragraph-51" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Wright also has a residence near the Yellowstone Club with a value of $36.2 million, the records show.</div><div data-testid="paragraph-52" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Addison said the Jan. 5 call from Wright was a highlight of his 17-year career at Vitol.</div><div data-testid="paragraph-53" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"I do feel very prideful and very patriotic that I was called by the government, by Chris Wright, in order to help them transact this deal," Addison told Reuters.</div><div data-testid="paragraph-54" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Landing the Venezuela contract was also his swan song. He announced his retirement from the company at the end of March to focus on politics and energy. He has since been named <a data-testid="Link" target="_blank" referrerPolicy="no-referrer-when-downgrade" href="https://www.energy.gov/seab/articles/list-seab-members" rel="noopener" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76">chairman of Wright’s energy policy advisory board<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32" aria-hidden="true" focusable="false" role="presentation" data-testid="NewTabSymbol" class="link-module__new-tab-symbol__d53s7"><path fill="currentColor" d="M15 6c.6 0 1 .4 1 1s-.4 1-1 1H9c-.6 0-1 .4-1 1v14a1.1 1.1 0 0 0 .2.6c.1.2.4.4.8.4h14c.6 0 1-.4 1-1v-6c0-.6.4-1 1-1s1 .4 1 1v6a3 3 0 0 1-3 3H9a3 3 0 0 1-2.2-.9A3 3 0 0 1 6 23V9a3 3 0 0 1 3-3Zm10 0 .4.1.5.5.1.4v6c0 .6-.4 1-1 1s-1-.4-1-1V9.4l-5.3 5.3a1 1 0 0 1-.7.3 1 1 0 0 1-.7-.3 1 1 0 0 1 0-1.4L22.6 8H19c-.6 0-1-.4-1-1s.4-1 1-1Z"></path></svg><span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">, opens new tab</span></a>, which held its inaugural meeting in July.</div><div data-testid="paragraph-55" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">An internal Vitol memo about his retirement, seen by Reuters, described him as "one of the most successful traders in the history of the firm."</div><div class="article-body-module__element__5eCce"><p data-testid="SignOff" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__full_width__kCIGb body-module__extra_small_body__Bfz20 sign-off-module__text__LQAMP">Reporting by Tim McLaughlin; Editing by Richard Valdmanis</p></div><p data-testid="Body" dir="ltr" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__element__5eCce article-body-module__trust-badge__5mS3f">Our Standards: <a data-testid="Link" target="_blank" referrerPolicy="no-referrer-when-downgrade" href="https://www.thomsonreuters.com/en/about-us/trust-principles.html" rel="noopener" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__small__sph8i link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76">The Thomson Reuters Trust Principles.<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32" aria-hidden="true" focusable="false" role="presentation" data-testid="NewTabSymbol" class="link-module__new-tab-symbol__d53s7"><path fill="currentColor" d="M15 6c.6 0 1 .4 1 1s-.4 1-1 1H9c-.6 0-1 .4-1 1v14a1.1 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href="/business/energy/uk-sanctions-russias-slavneft-latest-move-against-oil-producers-2026-11-12/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span data-testid="TitleHeading" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS title-module__heading__ZrRzk">UK sanctions Russia's Slavneft in latest move against oil producers</span></a></div><figure class=" image-container no-caption story-card-module__area-media__N2Hg6" data-testid="MediaImage"><a data-testid="MediaImageLink" aria-hidden="true" tabindex="-1" referrerPolicy="no-referrer-when-downgrade" href="/business/energy/uk-sanctions-russias-slavneft-latest-move-against-oil-producers-2026-11-12/" class="text-module__text__0GDob text-module__dark-grey__UFC18 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story-collection-module__with-hero__npPIU" data-testid="StoryCollection"><li class="story-collection-module__list-item__nvJUz story-collection-module__hero__gKDSI story-collection-module__default__k3Xt2 story-collection-module__with-spacing__OhP-U" id="KL4JNKEBENOAJA7BBPFDII4QPI" data-testid="one_hero_and_two_columns"><div data-testid="MediaStoryCard" class="media-story-card-module__hero__UeoFK story-card"><div class="media-story-card-module__placement-container__1ZSB1"><a href="https://www.reuters.com/markets/europe/italys-tax-hikes-financial-sector-raise-uncertainty-hit-2026-earnings-central-2026-11-12/" aria-hidden="true" tabindex="-1" referrerPolicy="no-referrer-when-downgrade"><div class="media-story-card-module__image-container__fJn9a"><div data-testid="Image" class="image"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" 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link-module__inherit-line-height__1vd2c media-story-card-module__heading__xgKcP">Italy's tax hikes on financial sector raise uncertainty, hit 2026 earnings, central bank warns</a></h3><span data-testid="Label" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__light__ZYtNU text-module__default__R2Ckt label-module__label__Sv2H2 kicker_hero media-story-card-module__section__PyVDc"><a data-testid="Link" referrerPolicy="no-referrer-when-downgrade" href="/markets/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a> · <time dateTime="2026-11-12T14:41:08.803Z">November 12, 2026 · 2:41 PM UTC</time> · ago</span><p data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__large__03GSP body-module__base__o--Cl body-module__large_body__NQgnj media-story-card-module__description__DzXN2">Frequent or unexpected changes in the taxation of Italy's financial system increase uncertainty and affect the investment decisions of market participants, the Bank of Italy said on Thursday, commenting on the government budget for next year.</p></div></div></li><li class="story-collection-module__list-item__nvJUz story-collection-module__story__A3dpi story-collection-module__default__k3Xt2 story-collection-module__with-spacing__OhP-U" id="5U3UEAZYYRAGJAT7BHWLOXXB2E" data-testid="one_hero_and_two_columns"><div data-testid="MediaStoryCard" class="media-story-card-module__hub__y3KsD story-card"><div class="media-story-card-module__placement-container__1ZSB1"><a href="https://www.reuters.com/live/nvidia-live-board-meets-fate-ceo-jensen-huang-after-affair-reports-2026-11-12/" aria-hidden="true" tabindex="-1" referrerPolicy="no-referrer-when-downgrade"><div class="media-story-card-module__image-container__fJn9a"><div data-testid="Image" class="image"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" style="--aspect-ratio:1.5"></div><noscript><img src="https://www.reuters.com/resizer/v2/BSZW5FBSHREM3I2JCQFX5JLHVU.JPG?auth=71f8558af2d9a08c4afb8d88881e6f590d49dd6300db3181aa73c4e7caa7fb4b&width=960&quality=80" width="3151" height="2148" alt="FILE PHOTO: FILE PHOTO: Nvidia CEO Jensen Huang is seen at a conference in Berlin" /></noscript></div></div></a></div><div class="media-story-card-module__body__nZjo1"><span data-testid="Label" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__kicker__jiI-y 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0-1.775-.781-1.775-1.74Zm1.775.435a.44.44 0 0 0 .444-.435.44.44 0 0 0-.444-.435.44.44 0 0 0-.443.435.44.44 0 0 0 .443.435Z"></path></svg></div><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="https://www.reuters.com/graphics/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Graphics</span></a></li><li class="link-group-module__item__Za3t6"><div data-testid="Media" class="link-group-module__symbol__vLvQd media-module__symbol__O-kyE media-module__none__3jUM3"><svg viewBox="0 0 21 21" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false" role="presentation"><path fill-rule="evenodd" clip-rule="evenodd" 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link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Podcasts</span></a></li></ul></section></div><section data-testid="LinkGroup" class="site-footer-module__link-group__Hxt4R site-footer-module__hidden-mobile__5cjU9"><h3 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6_light__klgho link-group-module__label__mDGn2">Latest</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Home</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/sitemap/authors/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Authors</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/sitemap/topics/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Topic Sitemap</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/archive/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Archive</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/sitemap/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Article Sitemap</span></a></li></ul></section><section data-testid="LinkGroup" class="site-footer-module__link-group__Hxt4R"><h3 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6_light__klgho link-group-module__label__mDGn2">Browse</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/world/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">World</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/business/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Business</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/markets/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Markets</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/sustainability/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Sustainability</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/legal/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Legal</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/breakingviews/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Breakingviews</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/technology/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Technology</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/investigations/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Investigations</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/sports/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Sports</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/science/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Science</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="/lifestyle/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Lifestyle</span></a></li></ul></section><section data-testid="LinkGroup" class="site-footer-module__link-group__Hxt4R site-footer-module__hidden-mobile__5cjU9"><h3 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6_light__klgho link-group-module__label__mDGn2">Media</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><div data-testid="Media" class="link-group-module__symbol__vLvQd media-module__symbol__O-kyE media-module__none__3jUM3"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 16 11" aria-hidden="true" focusable="false" role="presentation" aria-labelledby="react-aria-_R_16i7la_"><path d="M15.6665,1.5665 C15.4665,1.433 15.2,1.5 15,1.633 L11.3335,4.233 L11.3335,2.1665 C11.3335,1.033 10.467,0.1665 9.3335,0.1665 L2,0.1665 C0.8665,0.1665 0,1.033 0,2.1665 L0,8.833 C0,9.9665 0.8665,10.833 2,10.833 L9.3335,10.833 C10.467,10.833 11.3335,9.9665 11.3335,8.833 L11.3335,6.7665 L14.9335,9.3665 C15.067,9.433 15.2,9.5 15.3335,9.5 C15.467,9.5 15.5335,9.5 15.667,9.4335 C15.867,9.3 16.0005,9.1 16.0005,8.8335 L16.0005,2.167 C16.0005,1.9005 15.867,1.7005 15.667,1.567 L15.6665,1.5665 Z M10,8.8335 C10,9.2335 9.7335,9.5 9.3335,9.5 L2,9.5 C1.6,9.5 1.3335,9.2335 1.3335,8.8335 L1.3335,2.167 C1.3335,1.767 1.6,1.5005 2,1.5005 L9.3335,1.5005 C9.7335,1.5005 10,1.767 10,2.167 L10,8.8335 Z M14.6665,7.5665 L11.8,5.5 L14.6665,3.4335 L14.6665,7.567 L14.6665,7.5665 Z"></path></svg></div><a data-testid="Link" target="_self" referrerPolicy="no-referrer-when-downgrade" href="https://www.reuters.com/video/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Videos</span></a></li><li class="link-group-module__item__Za3t6"><div data-testid="Media" class="link-group-module__symbol__vLvQd media-module__symbol__O-kyE media-module__none__3jUM3"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 21 18" aria-hidden="true" focusable="false" role="presentation"><path d="M13.1256562,0 C13.3881562,0 13.6506562,0.17954776 13.825875,0.3597705 L15.3135937,2.69996625 L18.375,2.69996625 C19.8627187,2.69996625 21,3.8697266 21,5.3999325 L21,15.3000337 C21,16.8302396 19.8627187,18 18.375,18 L2.625,18 C1.13728125,18 0,16.8302396 0,15.3000337 L0,5.3999325 C0,3.8697266 1.13728125,2.69996625 2.625,2.69996625 L5.6877187,2.69996625 L7.1754375,0.3597705 C7.3506562,0.18022275 7.6131562,0 7.8756562,0 L13.1256562,0 Z M12.6013125,1.79952751 L8.3140312,1.79952751 L6.8263125,4.1397233 C6.6510937,4.319271 6.3885937,4.4994938 6.1260937,4.4994938 L2.6263125,4.4994938 C2.1013125,4.4994938 1.75153125,4.8592643 1.75153125,5.3992575 L1.75153125,15.2993588 C1.75153125,15.839352 2.1013125,16.1991225 2.6263125,16.1991225 L18.3763125,16.1991225 C18.9013125,16.1991225 19.2510937,15.839352 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type="application/javascript">window.Fusion=window.Fusion||{};Fusion.arcSite="reuters";Fusion.contextPath="/pf";Fusion.mxId="00000000";Fusion.deployment="394";Fusion.globalContent={"statusCode":200,"message":"Success","result":{"id":"FTQ4ZZMIEJNOTMCHOQZGB6QOQY","revision_id":"DN34EC6FXJHMPIVZCFC5SNEHCY","canonical_url":"/business/energy/exclusive-how-vitol-traders-ties-jd-vance-helped-land-prized-venezuela-oil-2026-11-11/","website":"reuters","web":"How a Vitol trader's ties to JD Vance helped land a prized Venezuela oil contract","native":"How a gasoline trader's ties to JD Vance helped land a prized Venezuela oil 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EXCLUSIVE, PIX)"],"usn":"L5N46R13Z","tag_topic_count":1,"show_tags":true},"newsletters":[{"name":"Reuters Power Up","promoBoxDescription":"The Reuters Power Up newsletter by columnist Ron Bousso provides everything you need to know about the global energy industry.","landingPageUrl":"/newsletters/reuters-power-up/","sailThruId":"reuters_power_up"},{"name":"Reuters Sustainable Finance","promoBoxDescription":"Stay up to date on the key companies, data, and decisions in the ESG world with the Reuters Sustainable Finance newsletter.","landingPageUrl":"/newsletters/reuters-sustainable-finance/","sailThruId":"sustainable_finance"},{"name":"Reuters Econ World","promoBoxDescription":"Get the latest news and expert analysis about the state of the global economy with the Reuters Econ World newsletter.","landingPageUrl":"/newsletters/reuters-econ-world/","sailThruId":"econ_world"},{"name":"Reuters Iran Briefing","promoBoxDescription":"The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war.","landingPageUrl":"/newsletters/reuters-iran-briefing/","sailThruId":"reuters_iran_briefing"},{"name":"Reuters Daily Briefing","promoBoxDescription":"The Reuters Daily Briefing newsletter provides all the news you need to start your day.","landingPageUrl":"/newsletters/daily-briefing/","sailThruId":"newsletter_subscription"}],"notification_settings":{"title":"Energy","section":"/business/energy/","braze_custom_attribute":"application_energy_alert"},"dart_zones":{"topic":"com,conft,engy,legal,pol,trade,war"},"eleven_labs":{"project_id":"xzbmVRF9VkSq6Zl6uyQv","html_snippet":"<div id=\"elevenlabs-audionative-widget\" data-height=\"90\" data-width=\"100%\" data-frameborder=\"no\" data-scrolling=\"no\" data-publicuserid=\"4755746b1f90e57c3c83176ebb4062380b8a9a1a2e7bf22c8d2d745486357d64\" data-playerurl=\"https://elevenlabs.io/player/index.html\" data-projectid=\"xzbmVRF9VkSq6Zl6uyQv\" >Loading the <a href=\"https://elevenlabs.io/text-to-speech\" target=\"_blank\" rel=\"noopener\">Elevenlabs Text to Speech</a> AudioNative Player...</div><script src=\"https://elevenlabs.io/player/audioNativeHelper.js\" type=\"text/javascript\"><\/script>","audio_url":"https://eleven-public-cdn.elevenlabs.io/audio-native/4755746b1f90e57c3c83176ebb4062380b8a9a1a2e7bf22c8d2d745486357d64/xzbmVRF9VkSq6Zl6uyQv/xzbmVRF9VkSq6Zl6uyQv.mp3"},"excerpt":{"content":"A week before the United States invaded Venezuela in January and captured its authoritarian leader, US Vice President J.D. Vance flew in Air Force Two for a visit to Montana's Yellowstone Club, an ultra-exclusive ski and golf resort.","type":"paragraph"},"content_elements":[{"content":"A week before the United States invaded Venezuela in January and captured its authoritarian leader, US Vice President J.D. Vance flew in Air Force Two for a visit to Montana's Yellowstone Club, an ultra-exclusive ski and golf resort.","type":"paragraph"},{"content":"There, he met an old friend and early financier of his political career, John Addison, a gasoline trader with commodities giant Vitol, according to a person familiar with the matter.","type":"paragraph"},{"content":"Flight records reviewed by Reuters show Addison's private Embraer jet and Vance's vice-presidential plane together on the tarmac at the Bozeman Yellowstone International Airport, about an hour's drive from the resort, on Dec. 27, a week before the invasion.","type":"paragraph"},{"content":"Vance and Addison talked about Venezuela, according to the person, who was given an account of the meeting from Addison. Vance was particularly interested to know how quickly Venezuelan crude could be sold if the US hypothetically gained control of the country's oil supplies, the person said. Addison assured Vance that Vitol was uniquely placed to do that job.","type":"paragraph"},{"content":"For this article, both Addison and Vance's office denied having the Dec. 27 meeting in Montana. \"And anyone who says so is absolutely making it up because I've never told a single soul that was the case,\" Addison told Reuters.","type":"paragraph"},{"content":"But Addison confirmed to Reuters that on Jan. 5 – two days after the operation that unseated Venezuelan President Nicolas Maduro and killed up to 100 people – US Energy Secretary Chris Wright called him at his desk in Houston with an irresistible offer.","type":"paragraph"},{"content":"President Donald Trump's administration was planning to start selling the South American OPEC nation's crude to global buyers to finance its coming political transition, and Wright wanted to know from Addison if Vitol wanted the job.","type":"paragraph"},{"content":"\"I thought that he was just going to call to get an update on the market,'\" Addison told Reuters in a recent interview. \"The phone call went a different way.\"","type":"paragraph"},{"content":"The Department of Energy confirmed Wright called Addison Jan. 5 to discuss Venezuela.","type":"paragraph"},{"content":"Within days, Vitol and its rival Trafigura landed special licenses to sell Venezuela's oil, and the companies have since earned hundreds of millions of dollars marketing the crude.","type":"paragraph"},{"content":"The details of how Vitol secured one of the administration's most coveted energy licenses have not previously been reported.","type":"paragraph"},{"content":"Addison, 48, wasn't the obvious choice to receive such a call from Wright. He was a senior trader at Vitol, not the firm's regional CEO. And his specialty was buying and selling US gasoline, not Latin American crude oil.","type":"paragraph"},{"content":"But Vance had told Wright that Addison was trustworthy, paving the way for the call, Addison told Reuters.","type":"paragraph"},{"content":"A US official confirmed to Reuters on condition of anonymity that Vance had told Wright in a conversation that Addison was a trustworthy person in the energy industry. The official said that conversation happened at least a year before the Jan. 5 phone call.","type":"paragraph"},{"content":"The Department of Energy told Reuters in a statement that Vance and Wright never discussed the sales of Venezuelan oil, and that the department picked Vitol because it is the largest energy and commodity trader in the world.","type":"paragraph"},{"content":"The Montana meeting and the unusually prominent role played by Addison in securing the lucrative contract raise fresh questions among Democratic lawmakers about how personal connections might have influenced access to government business after the Venezuela operation.","type":"paragraph"},{"content":"Robert Garcia, the ranking Democrat on the House Oversight Committee and its incoming chair, <a href=\"https://www.reuters.com/business/energy/us-lawmaker-asks-vitol-trafigura-about-venezuela-oil-deals-2026-01-29/\">sent a letter</a> to the heads of both Vitol and Trafigura in January asking questions about the circumstances under which they secured the licenses.","type":"paragraph"},{"content":"Garcia said in a statement at the time he was concerned about Vitol's involvement in part because of Addison's history of pro-Trump political donations. Garcia also expressed concern that Vitol and Trafigura may have been given advance notice of military action against Venezuela.","type":"paragraph"},{"content":"\"For months, Oversight Democrats have been demanding answers about the Trump Administration's massive Venezuelan oil deal and whether oil-company insiders received advance warning of military action against Venezuela,\" Garcia told Reuters.","type":"paragraph"},{"content":"\"New reporting that JD Vance met with a senior Vitol trader before Maduro's capture raises even more questions about who knew what and when,\" he said.","type":"paragraph"},{"content":"Vitol and Trafigura declined to comment on whether they had answered Garcia's letter, but both told Reuters they had been given no advance knowledge of US military operations in Venezuela.","type":"paragraph"},{"content":"Typically, large US government contracts are awarded in a competitive bidding process to ensure transparency, prevent favoritism, and secure the best possible financial returns to taxpayers.","type":"paragraph"},{"content":"But the Trump administration has defended its decision to skip that process, arguing that moving fast after Maduro was seized was critical to stabilizing Venezuela's struggling economy and ensuring that everyday services and debt restructuring efforts received immediate funding.","type":"paragraph"},{"level":1,"content":"BIG MONEY","type":"header"},{"content":"Venezuela sits on top of the world's largest crude-oil reserves, but its production levels had dropped below a third of their peaks after years of under-investment, mismanagement and crippling sanctions.","type":"paragraph"},{"content":"Trump said after the January invasion that the US intends to control Venezuela's crude and revenues indefinitely and wants to attract $100 billion in investment from US oil companies to revitalize the country's production. He argues this would bolster US energy security by raising volumes of available supply in the Western Hemisphere.","type":"paragraph"},{"content":"So far, the biggest beneficiaries in the aftermath of the US operation in Venezuela have been Vitol and Trafigura. Trafigura was offered its license from the US government to sell Venezuelan oil days after Vitol, at some point during the second week of January, according to a source familiar with the matter.","type":"paragraph"},{"content":"Tom Seng, an energy finance expert and professor at Texas Christian University, estimated that the traders were making between $3 and $3.50 in profit on every barrel of Venezuelan oil sold. He based the estimate on ongoing market conditions and shipping rates, and said the returns amounted to a roughly 3.5% to 4% profit margin.","type":"paragraph"},{"content":"Those returns would translate to hundreds of millions of dollars in profit on the Venezuelan crude contract because the country has exported over 200 million barrels of crude oil so far this year, according to US government data.","type":"paragraph"},{"content":"Vitol's operating profit margins over the past three years have ranged between 1% and 3%, according to a Reuters review of its annual reports. The privately held trading firms do not disclose profits from individual transactions and the estimates on their profit margins and volumes of oil they have sold could not be independently verified.","type":"paragraph"},{"content":"Trafigura and Vitol told Reuters they could not comment on the terms of their commercial agreements with Venezuela's state-owned oil company PDVSA to sell the oil because they are confidential.","type":"paragraph"},{"content":"More recently, Trump announced the US had gained access to about a fifth of Venezuela's crude reserves through a partnership with North American Blue Energy Partners, one of Venezuela's largest privately-owned oil producers.","type":"paragraph"},{"content":"The company is owned by <a href=\"https://www.reuters.com/business/energy/venezuelan-billionaire-us-investigated-money-laundering-now-has-pentagon-oil-2026-09-05/\">billionaire Alejandro Betancourt</a>, who was until recently the target of US money-laundering investigations involving funds embezzled from PDVSA. The company's deal with Washington grants the US a 35% stake in its corporate parent and the right to buy 20% of output at production cost.","type":"paragraph"},{"content":"Reuters was unable to determine if Vitol or Trafigura was marketing any of NABEP's current oil production of roughly 220,000 barrels per day.","type":"paragraph"},{"content":"Vitol said it has a commercial relationship with NABEP, but no long-term contract. It did not provide details of the commercial relationship.","type":"paragraph"},{"content":"Trafigura did not comment when asked.","type":"paragraph"},{"content":"A lawyer for Betancourt said allegations against Betancourt have been examined extensively by authorities in multiple jurisdictions, and no charges have been brought against him.","type":"paragraph"},{"level":1,"content":"AT THE WHITE HOUSE","type":"header"},{"content":"Things moved quickly after Addison and Wright spoke.","type":"paragraph"},{"content":"By Jan. 9, both Vitol and Trafigura had landed their licenses and Addison was in the White House, rubbing shoulders with the CEOs of ExxonMobil and Chevron in a televised meeting with Trump over the future of Venezuela's oil industry.","type":"paragraph"},{"content":"\"We're here to ensure that you are 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,\" Addison told Trump during the televised meeting.","type":"paragraph"},{"content":"Vitol's regional CEO Ben Marshall was also at the meeting, and <a href=\"https://www.democrats.senate.gov/newsroom/trump-transcripts/transcript-president-trump-meets-with-oil-and-gas-executives-at-the-white-house-10926\" target=\"_blank\">thanked Trump</a> for the opportunity to market Venezuela's oil.","type":"paragraph"},{"content":"Vitol told Reuters Addison did not have the technical knowledge to negotiate an international crude contract given his expertise as a gasoline trader, and had gotten Marshall and the crude team involved after the Jan. 5 call.","type":"paragraph"},{"content":"Trafigura was represented at the meeting by its Chief Executive Officer, Richard Holtum.","type":"paragraph"},{"content":"Addison had been an early backer of Vance, contributing $300,000 in 2022 to the Protect Ohio Values Political Action Committee to help Vance's successful bid for one of Ohio's US Senate seats, Federal Election Commission records show.","type":"paragraph"},{"content":"Later, Addison and his wife, Shannon, contributed $7 million in 2024 to political action committees, including $5 million to Make America Great Again, to help secure Trump's second term in the White House, according to the FEC records.","type":"paragraph"},{"content":"Addison had admired <a href=\"https://www.reuters.com/world/us/jd-vance-once-compared-trump-hitler-now-they-are-running-mates-2024-07-15/\">Vance's brand of conservative politics</a>, according to three people familiar with the relationship.","type":"paragraph"},{"content":"Around this time, as the pair were bonding over shared political perspectives, Addison was closing a more troubled chapter in his career. Vitol and SK Energy in 2024 settled a gasoline price manipulation case with the state of California for $50 million following a decade-long legal battle. Addison had been named as the most senior Vitol executive in the alleged scheme.","type":"paragraph"},{"content":"Neither Vitol nor Addison admitted any wrongdoing.","type":"paragraph"},{"content":"Vitol declined to comment on the case for this article.","type":"paragraph"},{"content":"Addison did not return messages seeking comment about the case.","type":"paragraph"},{"content":"The following year, in 2025, Addison bought a new Embraer jet, according to Federal Aviation Administration records. The plane, which listed for around $14 million, was used for his increasingly frequent flights to Montana's Yellowstone Club, where Addison says he is now building a home, putting him in the company of billionaires, tech moguls and Hollywood celebrities.","type":"paragraph"},{"content":"Before construction began, Addison's undeveloped acre of land had an assessed value of $16.4 million, according to Montana Department of Revenue records.","type":"paragraph"},{"content":"Wright also has a residence near the Yellowstone Club with a value of $36.2 million, the records show.","type":"paragraph"},{"content":"Addison said the Jan. 5 call from Wright was a highlight of his 17-year career at Vitol.","type":"paragraph"},{"content":"\"I do feel very prideful and very patriotic that I was called by the government, by Chris Wright, in order to help them transact this deal,\" Addison told Reuters.","type":"paragraph"},{"content":"Landing the Venezuela contract was also his swan song. He announced his retirement from the company at the end of March to focus on politics and energy. He has since been named <a href=\"https://www.energy.gov/seab/articles/list-seab-members\" target=\"_blank\">chairman of Wright’s energy policy advisory board</a>, which held its inaugural meeting in July.","type":"paragraph"},{"content":"An internal Vitol memo about his retirement, seen by Reuters, described him as \"one of the most successful traders in the history of the firm.\"","type":"paragraph"}],"response_time":1794493759700},"_id":"cae8f6df3b294da47866157289863e59870cc2f8fa1a41b80d9fbf05d83563dc"};Fusion.globalContentConfig={"source":"article-by-id-or-url-v1","query":{"uri":"/business/energy/exclusive-how-vitol-traders-ties-jd-vance-helped-land-prized-venezuela-oil-2026-11-11/","website":"reuters","published":"true","website_url":"/business/energy/exclusive-how-vitol-traders-ties-jd-vance-helped-land-prized-venezuela-oil-2026-11-11/","arc-site":"reuters"}};Fusion.lastModified=1794494661314;Fusion.contentCache={"adshield-script-v1":{"{}":{"data":{"script":"/*level: essential 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David Doyle has more.","duration":198.93,"transcript_data":{"transcript":"Speaker 1: This K-pop girl group is entirely AI-generated. But what's even more unusual is that they were created by a stock brokerage. At a time when AI is sending shivers through the music industry, Lumina's debut single passed three million YouTube views around five weeks after being launched. For Samsung Securities, it was a way to find brand ambassadors when staff experts were novices on camera, While celebrities were costly and might not suit the brand. That's according to Uhm Sewon, head of Samsung Securities' media strategy team. Virtual K-pop is nothing new. But bands like MAVE and PLAVE include some degree of human performance. With Lumina, the song, characters and video were all made with AI. Uhm said Samsung Securities has taken steps to be transparent with investors. Uhm said it was difficult to quantify measurable returns for its securities business because it was LUMINA's first music video. However, they plan to follow up with content including another song, member interviews and investor education videos hosted by the group. Uhm added that as a brokerage, Samsung Securities is not registered to earn revenue from the music. Following South Korean government guidelines around entirely AI-generated music, it has also not registered copyright in the song. AI-generated music is growing in popularity and increasingly difficult to distinguish from human-composed songs. That's prompted musicians, songwriters and producers across the world to urge their governments to protect their creative work. Park Sang-cheol is chairman of the Korea Singers Association and a veteran performer. He believes AI is an unstoppable trend and could benefit artists.\nSpeaker 3: But he warned that it looks likely to 'take over almost everything', Hitting corporate modeling work, session musicians, songwriters and arrangers.\nSpeaker 1: South Korea ranked 12th in the world in generative AI use, according to Microsoft's AI Economy Institute in September. It also posted the largest quarterly increase among major economies for the third consecutive time. But as far as Park is concerned, developments need to be monitored closely and policy safeguards put in place.\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-11-12T02:07:56Z","updated_time":"2026-11-12T02:18:29Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6af51ec1e4b00fd4d33e88e9","caption":"Stock brokerage Samsung Securities has found brand ambassadors who never skip rehearsal and are unlikely to make tabloid headlines: a four-member, AI-generated K-pop girl group called LUMINA. 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The firm has investments in around 2,000 companies and partner Ronald Jan Schuurs explains why spreading its bets and getting in early is a defensive play.","duration":422.66,"transcript_data":{"transcript":"Speaker 1: Ronald, we've had vast amounts of money poured into this sector How concerned ar eyou that this a a bubble that is going to burst?\nSpeaker 2: Well, it depends on what you call bubble, now. So, in my view, financially, there might be a bubble. Effectively, though, I think this is a technology that's proven to improve efficiency. It's proven be very helpful to a lot of people already. And I think we're just at the start of that. We're also trying to figure out how it's going to be helpful, how it is going to increase revenue, even though there are cases that are clearly showing it already does. Productivity levels increase. At the same time, like with any technology that is new, people are super excited and there might be a bubble. However, I think ultimately if you look a little longer, I don't think it's an unreal thing. I think it has proven to be really great technology. And as a result, I don'tAnd as a result, I don't think there is a long term bubble. Doesn't mean that if you buy some stock now that it couldn't tank for a while. That's a different discussion to have. Like is it financed in the right way? Is it overvalued? Maybe short-term, yes. Even though I think if you compare it historically to other hype cycles, I think in other hype cycles the supply was built before the demand and this is now reversed. So, people really want to have this, it's unstoppable almost, the demand for it and the supply is catching up. So it's a different way of looking at things. So it might not be as big of a bubble as we think it is. But I wouldn't imagine that none of the stock is ever going to tank.\nSpeaker 1: Tell us about Antler's approach to investing. It's high volume, am I right? It is high volume.\nSpeaker 2: So we're a first-ticket investor. Intrinsically, that means that we take more risk than other investors. That means that if we have to spread wider, we do more investments. However, we're very careful about how we choose to invest. Based on our own analysis, we've split the latest rocket ships. These are companies that became unicorns within the last six years, so as of 2020. You see that they get to the unicorn stage really quickly now, average in three years. We split them in cost, more capital, intensive companies and the more nimble companies. So the more capital intensive ones we call juggernauts. They're the ones that need lots of money? They're the ones that need lots of money and they are typically founded by PhDs, very scientific companies too, so they have to be founded by those people. We got 20 of them now since 2020, I think, and they needed about 20 billion to get where they are today. Now, there's about 13 what we call Jets, and Jets are much more nimble companies. Think about them, companies like Legora, Eleven Labs. Still obviously raised a lot of money, but those 13 raised about five million. So that's a massive difference. Also, the juggernaut, so the capital intensive ones, they raised a seed round of about 16 million, where the Jets, so, the nimble ones raised seed rounds of an average of around six million. So, this is also then how we look at investing. So, getting back to the Antler model, which type of founder builds what? What we see then is that today the seed rounds and the pre-seed rounds are tumbling in terms of percentage of companies that get funded. So there's more funding initiatives, but there's fewer pre-season seed rounds in Series A. 45% less.\nSpeaker 1: So how many companies is Antler invested in across all of your portfolios?\nSpeaker 2: All together we're roughly 2,000 companies. But that's globally from Tokyo to SF to here and now in Amsterdam. In continental Europe, which we define as Europe outside of the Nordics and the UK, we together have roughly 150 companies.\nSpeaker 1: To that point then the kind of the doomsday scenarios we've been hearing, the warnings about AI from people right at the top, how has that affected the investment cycle for you guys? How has that effected the companies you're invested in and potential future investors?\nSpeaker 2: Yeah, I think for the companies themselves, they just build a business. And obviously they build it because they don't think everything is doomed, because if everything is just dead in 10 years from now, you might as well just stop and go to Hawaii. And they're not doing that. They really want to build this company and they believe they can be successful. Where it's harder is on the funding side of things. So VC's still have pockets of dry powder and they still want to invest, and particularly in AI, whatever definition you give to that. However, others that invest into those funds might say, look, I don't know if this is a smart thing, because I don't know where this is going. isn't there a big debt problem that will be triggered in 27, 28? And as a result of that, everything is gonna fail. And so let's wait out and let's see if this happens. And if it's 28, we might actually go back and invest in VC funds. So there is where you see a lot of burden.\nSpeaker 1: And are you seeing that? Are you seeing people stay on the sidelines, not invest? Is it mainly because of worries over debt?\nSpeaker 2: Well, debt and doom are not necessarily the same thing, with debt I mean, yeah, it's a financial problem, with doom it's like all humanity is going to die.\nSpeaker 1: So how is Antler hoping to avoid getting caught out if there is a bubble and a burst?\nSpeaker 2: Yeah, look, I think we're super early in the journey still. So I think in our case, most companies, on average, I think, in Europe, companies are about two and a half, three years old, that we've invested into. And so they are the scrappy ones, they're not the capital intensive ones on average. So if you go back to the juggernauts versus the Jets story, the juggersnauts have a lot of capital, they need it for the compute, for the data centers, this kind of stuff. We have way fewer of these. Way more of the Jets investments. These are scrappy founders anyway. They know how to handle with tight capital constraints. And so these are the ones that actually can sit this through. Now the other thing that might happen here is that if Anthropic fails and if they can't stay six, nine months ahead of the Chinese and open source models, for the JETS, it's fine. The compute goes down and they're off to the races. So we're not, I mean financial this might be a problem for people, but for those companies, they can actually sustain and have cheaper computes to carry on. So I think that we're well positioned there, given that we have capital, not a skeptical strain of companies as others have.\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-11-10T09:32:51Z","updated_time":"2026-11-10T09:35:34Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6af2e354e4b04c6ca3d9c5b5-1794302833204","caption":"Venture firm Antler is sticking with its high-volume approach to investing despite the froth building around AI. The firm has investments in around 2,000 companies and partner Ronald Jan Schuurs explains why spreading its bets and getting in early is a defensive play.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6af2e354e4b04c6ca3d9c5b5-1794302833204"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/792609/master.m3u8"},"channels":[{"id":"on_ai","name":"On AI","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW717210112026RP1:4"},{"key":"byline","value":"VARIOUS"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, NOV 10"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"Venture Capital, AI, Investing, Antler"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Investing in the AI hype cycle"},{"key":"external-asset-id","value":"285_RW717210112026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: Do not obscure courtesies. No resales. Digital: Do not obscure courtesies. No resales.. For Reuters customers only."},{"key":"upstream-description","value":"Venture firm Antler is sticking with its high-volume approach to investing despite the froth building around AI. The firm has investments in around 2,000 companies and partner Ronald Jan Schuurs explains why spreading its bets and getting in early is a defensive play."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW717210112026RP1"},{"id":"RW875617072026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW875617072026RP1","title":"AI-designed drone 'Phantom Twist' spins fast enough to fool the eye","description":"Researchers at Northwestern University have used artificial intelligence to design a drone that is far less visible in flight, exploiting motion blur rather than camouflage to make the aircraft appear as a faint haze.","duration":50.33,"transcript_data":{"transcript":"Speaker 1: As the Phantom Twist is only a one-motor flier, its entire body spins like a Frisbee at about 25 frames per second. So as everything is moving, its body and all of its components are blurred up by this motion. The placement of these components is chosen to best minimize the visibility while still being able to fly. While the work was not designed for any particular application, I would be excited to see it used to monitor and study wildlife, without the presence of a drone impacting the animal's behavior.\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-07-17T12:27:40Z","updated_time":"2026-10-29T18:54:27Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a5a1f60e4b06234f7cdd011-1791887759274","caption":"Researchers at Northwestern University have used artificial intelligence to design a drone that is far less visible in flight, exploiting motion blur rather than camouflage to make the aircraft appear as a faint haze.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a5a1f60e4b06234f7cdd011-1791887759274"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/783344/master.m3u8"},"channels":[{"id":"d45538fb92ef02a065c15e16d3dd6a297c2ae7d7","name":"Technology","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"Moments_Of_Innovation","name":"Innovation","regions":["UK","US"]},{"id":"on_ai","name":"On AI","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW875617072026RP1:7"},{"key":"byline","value":"EVANSTON, ILLINOIS, UNITED STATED"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, OCT 13"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. 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For Reuters customers only."},{"key":"upstream-description","value":"Researchers at Northwestern University have used artificial intelligence to design a drone that is far less visible in flight, exploiting motion blur rather than camouflage to make the aircraft appear as a faint haze."},{"key":"upstream-channel-code","value":"hml568"}],"usn":"RW875617072026RP1"},{"id":"RW415129102026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW415129102026RP1","title":"China rushes to win AI race in film and video industry","description":"China's drive to lead the global AI race is increasingly targeting the film and video industry, with local governments offering subsidies, discounted office space and computing resources to attract creators and startups. Gilbert Baldoza reports.","duration":193.46,"transcript_data":{"transcript":"Speaker 1: Beijing's push to win the AI race is shaking up filmmaking. Chinese dramas generated by artificial intelligence are showcasing how rapidly the technology is changing everything from online micro-dramas to full-length movies. In Shenzhen, Zhu Zhili heads the AI-Generated Content (AIGC) department at China Wit Media. Chinese local governments now compete to attract AI production companies. It's all reminiscent of how the country built electric vehicles, solar panels and robotics into globally competitive industries. The support has helped fuel a fast-growing ecosystem of AI filmmakers, studios and streaming platforms seeking an early advantage in the emerging industry. Advances in the technology are also dramatically lowering production costs, making filmmaking more accessible to independent creators. AI-generated short movies are also starting to win audiences in China, with dedicated festivals taking place around the country. Later this year a 90-minute sci-fi epic is set to become the first AI-made film from a major studio to get a release in Chinese cinemas. But as the technology spreads, concerns over originality and copyright protection persist. There may also simply be too much content, with more than 220,000 new AI shows uploaded to Chinese social media platform Douyin just in the first half of this year. Even so, China's AI filmmaking sector continues to expand, backed by government support and growing interest from creators eager to explore the technology's possibilities.\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-11-03T09:35:32Z","updated_time":"2026-11-03T09:39:26Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6ae9aa13e4b06575ec3c329c-1793698362252","caption":"China's drive to lead the global AI race is increasingly targeting the film and video industry, with local governments offering subsidies, discounted office space and computing resources to attract creators and startups. Gilbert Baldoza reports.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6ae9aa13e4b06575ec3c329c-1793698362252"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/791960/master.m3u8"},"channels":[{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"on_ai","name":"On AI","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW415129102026RP1:4"},{"key":"byline","value":"SHENZHEN, CHINA"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, NOV 03"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"AI, ARTIFICIAL INTELLIGENCE, SHENZHEN, FILM, INDUSTRY, PRODUCTION"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"China rushes to win AI race in film and video industry"},{"key":"external-asset-id","value":"285_RW415129102026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: Must not obscure on-screen courtesy. no resale. Digital: Must not obscure on-screen courtesy. no resale.. For Reuters customers only."},{"key":"upstream-description","value":"China's drive to lead the global AI race is increasingly targeting the film and video industry, with local governments offering subsidies, discounted office space and computing resources to attract creators and startups. Gilbert Baldoza reports."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW415129102026RP1"},{"id":"RW835406052026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW835406052026RP1","title":"Inside the robot startup training AI 'brains'","description":"A robotics startup says it has built an AI \"brain\" that can teach humanoid robots new physical skills in days rather than months, as the race to put human-shaped machines to work in factories and warehouses accelerates. Rachel Faber produced this report.","duration":129.33,"transcript_data":{"transcript":"Speaker 1: One startup says it's built an AI 'brain' that can teach humanoid robots new skills in days rather than months. And you could soon see them put to work in factories and warehouses. London-based startup Humanoid says machines like this could one day carry out repetitive tasks in spaces built for people. Humanoid was founded in 2024 by entrepreneur Artem Sokolov, who says the company's 'secret sauce' is not just the robot's body, but the AI system inside it.\nSpeaker 2: 'Our advantage is that we build a full stack from hardware to AI models and also integration application layer. We train, we build our own proprietary VLA model - vision-language-action model that help the robot do different tasks in the real world with human speed.'\nSpeaker 1: That artificial 'brain' helps the robot understand what it sees, process instructions and control its body. Chief Technology Officer Jarad Cannon says the company trained the robot to walk in just 48 hours - by letting it learn inside a detailed simulation.\nSpeaker 3: 'So the AI systems are the most important aspect here. You could have designed similar hardware to this even a decade ago. But what's been missing are the brains and the control algorithms.'\nSpeaker 1: Cannon says a similar approach can be used to teach workplace tasks.\nSpeaker 3: 'If you can demonstrate to the robot how to perform this task yourself, then the robot can learn how to perform that task. This is basically the big unlock that makes this a commercially viable system.'\nSpeaker 1: Humanoid is targeting industrial uses first, including logistics, manufacturing, warehouses and automotive suppliers. But it's entering an increasingly crowded field, with Agility Robotics, Figure AI and Tesla also racing to put humanoid robots into workplaces. The challenge now is taking these machines outside the lab, and proving they can work safely, reliably and at scale in the real world.\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-05-07T06:56:46Z","updated_time":"2026-11-02T09:32:41Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/69fc3717e4b05429111fa91a-1793611961595","caption":"A robotics startup says it has built an AI \"brain\" that can teach humanoid robots new physical skills in days rather than months, as the race to put human-shaped machines to work in factories and warehouses accelerates. Rachel Faber produced this report.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/69fc3717e4b05429111fa91a-1793611961595"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/769880/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"d45538fb92ef02a065c15e16d3dd6a297c2ae7d7","name":"Technology","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"Moments_Of_Innovation","name":"Innovation","regions":["UK","US"]},{"id":"on_ai","name":"On AI","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW835406052026RP1:14"},{"key":"byline","value":"LONDON, ENGLAND"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, NOV 02"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"robot, humanoid, AI, tech, industry, manufacturing, automotive, machine learning"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Inside the robot startup training AI 'brains'"},{"key":"external-asset-id","value":"285_RW835406052026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: None. Digital: None.. For Reuters customers only."},{"key":"upstream-description","value":"A robotics startup says it has built an AI \"brain\" that can teach humanoid robots new physical skills in days rather than months, as the race to put human-shaped machines to work in factories and warehouses accelerates. 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These days, we’re actually really happy when he comes over.”\nSpeaker 1: With an Austrian accent and a growing knowledge of the store's layout Schotti is part of a real-world test of how AI-powered robots might support retail workers. Customers can ask where to find everyday items, like a broom, and Schotti will lead the way. It can walk and talk, a big step up from its predecessor on wheels. Though much of Schotti's movement is still guided remotely by Florian Weichselbaumer and his team at Labland.ai who programmed and trained the Chinese-made robot.\nSpeaker 3: 'With every route it takes, it becomes a little smarter and learns a little more about the shortest way from A to B. And eventually it will have traveled all these routes, scaled them up, and will then know how to get to a product even when it knows the data point but not the route.'\nSpeaker 1: Schotti's 'personality' can also be changed in the settings. That flexibility is being tested at this telecommunications store. Here, Schotti greets customers with a female voice, and without the Austrian accent. Taking into account its purchase price of about $94,000 and its service life, Schotti's hourly wage would amount to less than $2. That's according to Weichselbaumer, quoted in the German tabloid, Bild. But the point isn't to replace humans, he says.\nSpeaker 3: 'Rather, our approach is actually to use robotics to improve the situation for employees - or for people in general.'\nSpeaker 1: Customers say they don't mind the novelty, and some are resigned to seeing more of it. 'I don’t think it gives advice as well as a human being, but overall it is absolutely fine.'\nSpeaker 3: 'It takes getting used to but that's the future.'\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-05-14T13:27:48Z","updated_time":"2026-10-30T09:17:59Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6a05cd51e4b0d1ee92a8e236-1793351878751","caption":"A humanoid robot, which can switch between personalities and accents, is working as a shop assistant in Germany, as a robotics and AI-solutions company tests how the Chinese-made machine can be programmed to work alongside humans. Diane To reports.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6a05cd51e4b0d1ee92a8e236-1793351878751"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/771484/master.m3u8"},"channels":[{"id":"d45538fb92ef02a065c15e16d3dd6a297c2ae7d7","name":"Technology","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"Moments_Of_Innovation","name":"Innovation","regions":["UK","US"]},{"id":"on_ai","name":"On AI","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW056014052026RP1:11"},{"key":"byline","value":"POCKING & PASSAU, GERMANY"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, OCT 30"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"labor, personnel, Schotti, made in China, Austria, robot, human labor, labour, Bavaria, cheap labor, artificial intelligence, Home improvement store, costs, Hardware store, DIY, AI"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Meet the AI-powered robot assistant helping Germans shop"},{"key":"external-asset-id","value":"285_RW056014052026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: None. Digital: None.. For Reuters customers only."},{"key":"upstream-description","value":"A humanoid robot, which can switch between personalities and accents, is working as a shop assistant in Germany, as a robotics and AI-solutions company tests how the Chinese-made machine can be programmed to work alongside humans. Diane To reports."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW056014052026RP1"},{"id":"RW342027102026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW342027102026RP1","title":"This robot can stock a fridge. Is It ready for your home?","description":"Humanoid robots will be able to complete most general-purpose tasks from verbal instructions as soon as next year, although becoming useful around the house will take much longer, said the head of a leading Chinese company developing robot brains. Reuters China Correspondent Laurie Chen has more.","duration":232.53,"transcript_data":{"transcript":"Speaker 1: Opening a fridge, sorting waste and slicing vegetables. These are simple tasks for humans. For robots, however, they are signs of a much bigger breakthrough. One Chinese startup believes humanoid robots are nearing a point where they can take on a much wider range of tasks. We're at the Beijing offices of Embodied AI Startup Spirit AI. It was established in 2024, and it's one of China's fastest growing and most advanced companies developing embodied AI foundation models, the software models that are powering robot brains. So behind me, you can see their MOS-1 wheeled humanoid robot. Right now it's taking some items of waste, so a banana peel, bits of cardboard, bottles, and putting them in the bin and putting bottles in a fridge. So it has to chain together lots of movements. and it's what a lot of humanoid software developers are building to develop the next generation of more powerful robot brains. Behind every movement is a vast training effort. During our visit, dozens of people fitted with sensors repeated everyday actions like opening fridges, picking up bottles and cutting vegetables. Their movements are recorded and used to help train robot brains to interact with the physical world. Spirit AI says it has about 1,000 people doing such work, and has collected hundreds of thousands of hours of training data that way. The company says that has helped its humanoids achieve a 90% success rate for simple tasks in structured living-room environments. As you can see behind me, there's been quite considerable strides in progress in the technology powering these robot brains, but there's still a long way to go. The co-founder and chief scientist of Spirit AI, Gao Yang, just told us in an interview that he expects it would take at least eight years for humanoid robots to safely enter people's homes and complete the domestic tasks like you can this robot doing behind me. Gao draws parallels with the development of AI, and says bots are nearing a key moment: For now, Gao said there are still hurdles to tackle. Tasks requiring precise hand movements, like unscrewing a bottle cap, remain difficult. And robots can still struggle when faced with situations they haven’t encountered before. As these machines become more capable, however, the question of how to keep them safe for humans will loom ever larger. Spirit AI says its robots are programmed to stop automatically if they detect excessive forces in any interaction. But if androids eventually move beyond factories and enter homes, making them safe may be just as big a challenge as making them smart.\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-10-27T08:38:00Z","updated_time":"2026-10-29T18:10:11Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6ae06206e4b06575ec3c1bdb","caption":"Humanoid robots will be able to complete most general-purpose tasks from verbal instructions as soon as next year, although becoming useful around the house will take much longer, said the head of a leading Chinese company developing robot brains. Reuters China Correspondent Laurie Chen has more.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6ae06206e4b06575ec3c1bdb"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/791338/master.m3u8"},"channels":[{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"on_ai","name":"On AI","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW342027102026RP1:4"},{"key":"byline","value":"BEIJING, CHINA"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, OCT 27"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"China, startup, AI, artificial intelligence, robots, humanoid robots, Spirit AI, AI race"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"This robot can stock a fridge. Is It ready for your home?"},{"key":"external-asset-id","value":"285_RW342027102026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: None. Digital: None.. For Reuters customers only."},{"key":"upstream-description","value":"Humanoid robots will be able to complete most general-purpose tasks from verbal instructions as soon as next year, although becoming useful around the house will take much longer, said the head of a leading Chinese company developing robot brains. Reuters China Correspondent Laurie Chen has more."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW342027102026RP1"},{"id":"RW164220102026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW164220102026RP1","title":"AI safety device for deaf people wins UK James Dyson Award","description":"An AI-powered device to alert deaf or hard of hearing travelers to emergencies like fire alarms or doorbells using vibration and light has won this year's UK James Dyson Award. Its developer, profoundly deaf Loughborough University graduate Gargi Agrawalla, said she came up with the system as a way to realize her dream of being able to travel solo.","duration":71.83,"transcript_data":{"transcript":"Speaker 1: My dream is to actually travel solo in the world, be independent... It's quite daunting to always rely on people... So that's something why I came up with the product, so more and more deaf people can feel more independent. I use AI sound recognition to detect emergency sounds. For example, fire alarm, doorbell, door knocking. Even the baby crying, if it's a deaf parent taking care of their children. It can be a dog barking even. When you place it under the pillow, you can set the waking time alarm and it will just vibrate. So it has three different modes; bedroom mode, general room use and third mode it's bathroom, which is a unique selling point of this You can mount it onto the bathroom wall. It won't vibrate, but it will flash off very bright LEDs.\n[This transcript was produced with AI technology that converts speech to text. The text is not reviewed or edited by Reuters journalists and some errors may occur.]","transcript_new":"yes"},"published_time":"2026-10-20T09:40:51Z","updated_time":"2026-10-29T18:10:11Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6ad736c3e4b0bd3536cbc535","caption":"An AI-powered device to alert deaf or hard of hearing travelers to emergencies like fire alarms or doorbells using vibration and light has won this year's UK James Dyson Award. 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