(Bloomberg) — Vitol Group has stepped up oil purchases in Venezuela in the final weeks of a U.S. license that allows the world’s largest independent oil trader to do business in the sanctioned nation.
Vitol is set to load at least 2.5 million barrels of Venezuelan oil this month, according to documents seen by Bloomberg. It has more than doubled buying in April compared with March, when it took 1 million barrels, the data shows. Vitol’s license to operate in Venezuela hasn’t been previously reported.
The company aims to move Venezuelan oil for as long as it can while remaining in compliance with sanctions, said a person with knowledge of the situation who asked not to be identified discussing non-public information.
US President Donald Trump has ratcheted up pressure on Venezuelan President Nicolas Maduro’s regime, which he says poses an “extraordinary threat” to U.S. national security. Trump is targeting Venezuela’s oil because it’s a major source of government revenue, and has revoked licenses for foreign energy companies operating there, including Chevron Corp., Repsol SA, Eni SpA, and Maurel & Prom.
In contrast to Vitol, which trades with Venezuela and doesn’t operate any assets there, those other companies produce oil and gas in the country and are winding down operations ahead of the expiry of licenses issued by the U.S. Treasury. The deadline for all the companies, including Vitol, to cease operating is May 27.
Vitol’s latest purchases are being made under the terms of an agreement it signed in 2023, said another person familiar with matter. The trading company, which is headquartered in London, hasn’t inked any new Venezuelan deals since then, the person said.
A spokesperson for Vitol declined to comment. A spokesperson for the White House National Security Council deferred to Treasury, which declined to comment. State oil producer Petroleos de Venezuela SA didn’t respond to requests for comment.
As well as purchasing Venezuelan crude, Vitol is supplying the country with heavy naphtha, a key feedstock used to thin out Venezuela’s tar-like oil and keep wells flowing, the data shows.
The vessel VS Progress, chartered by Vitol, is set to deliver 300,000 barrels of a heavy Blend 22 oil to a refinery in Texas in coming days, according to the documents. The trading house has another ship lined up, the Cape Tees, to load another cargo of 300,000 barrels.
The ships Poliegos and Nissos Sikinos loaded a combined 1.9 million barrels and are both bound for delivery to US Gulf Coast refineries, the data shows. In addition to those, the company is expected to load at least two more cargoes in coming weeks, another person familiar with the matter said.
