Vitol and Trafigura begin Venezuelan oil sales talks with refiners in India and China for March delivery under a US‑backed export programme

Global commodities traders Vitol and Trafigura have begun talks with refiners in India and China over the sale of Venezuelan crude oil, with deliveries expected in March 2026, according to multiple trade sources.

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The discussions follow agreements reached with the United States government to help market Venezuelan oil that has been stranded due to sanctions, days after the Venezuelan interim government approved the export of up to 50 million barrels of crude to the United States.

Industry sources say the traders are moving swiftly to secure vessels as they place the cargoes.

Trafigura has reportedly indicated that it will load its first Venezuelan oil cargo bound for the United States this week.

Vitol, the world’s largest independent oil trader, is in talks with state‑owned refiners in India, offering cargoes at discounts of between $8 and $8.50 per barrel to ICE Brent on a delivered basis.

Indian Oil Corporation and Hindustan Petroleum Corporation are among the refiners considering buying Venezuelan crude.

Reliance Industries has also said it could resume purchases if sales to non‑US buyers are permitted under American regulations.

In China, both Vitol and Trafigura have approached PetroChina, the state‑owned refiner that was previously a major buyer of Venezuela’s heavy sour Merey crude and fuel oil before U.S. sanctions took effect.

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The resumption of Venezuelan oil exports under this programme is expected to accelerate the nation’s return to global markets after months of disruption and contribute to stabilising supply concerns that have weighed on oil futures.