Valero to import 6.5M bbl Venezuelan crude

Valero Energy is poised to import up to 6.5 million barrels of Venezuelan crude oil in March, making it the largest foreign refiner of Venezuela's oil since the U.S. recognized President Nicolas Maduro in January. This move follows a $2 billion oil supply deal between the U.S. and Venezuela's interim government, leading to an easing of sanctions on Venezuelan oil. If successful in acquiring 10 or more cargoes, Valero could surpass Chevron as the leading U.S. refiner of Venezuelan crude, marking a significant shift since the U.S. sanctions began in 2019. Chevron, which is also increasing its exports of Venezuelan oil, is expected to supply a considerable portion of the crude that Valero plans to import. Additionally, Valero is collaborating with trading firms like Trafigura to enhance its crude oil supply. With its refining capacity expanded to accommodate heavier Venezuelan crude, Valero aims to significantly increase its processing of Venezuelan oil. The developments suggest a potential for a substantial rise in Venezuela's oil production and exports in the near future, as indicated by U.S. Secretary of Energy Chris W.