Trading firm Trafigura has reportedly dispatched its first shipment of Venezuelan crude oil, fulfilling part of a 50-million-barrel supply arrangement between Venezuela’s government and the United States, according to industry insiders. Spanish refiner Repsol has been confirmed as the recipient of the shipment, which sources indicate is scheduled for delivery to Spain in February.
Requests for comment made to Trafigura were not returned immediately, and Repsol also declined to provide statements on the matter. This transaction could be among the initial sales of Venezuelan crude to European markets subsequent to the U.S.’s recent capture of Venezuela’s leader earlier this month and subsequent agreements to enable exports up to 50 million barrels of Venezuelan oil.
In this framework, commodities trading companies Trafigura and Vitol have been selected by Washington to manage the initial stages of these Venezuelan oil exports. Alongside Trafigura’s shipment, Vitol is transporting a separate Venezuelan crude cargo to the Saras refinery in Italy, as confirmed by several industry sources.
Additionally, Vitol has secured contracts to sell Venezuelan oil cargos to American refiners Valero Energy and Phillips 66. Beyond shipments to Europe and the U.S., these trading houses have been actively marketing Venezuelan crude to refineries in India and other regions, expanding the global reach of Venezuela’s oil following the supply deal.