Trafigura Sells First Venezuelan Crude Cargo Under U.S.-Backed Deal - REP, VLO

Trafigura has sold its first cargo of Venezuelan crude oil under a 50-million-barrel supply agreement between the U.S. and Venezuela, with Spanish refiner Repsol set to receive the shipment in February 2026. The sale marks one of the first exports of Venezuelan oil to Europe since the U.S. secured an agreement with Caracas earlier this month. The transaction is part of a broader effort led by Washington to facilitate Venezuelan oil exports through trading houses Trafigura and Vitol. Vitol is separately shipping a cargo to its Saras refinery in Italy and has also arranged sales to U.S. refiners Valero Energy and Phillips 66. Both firms are marketing Venezuelan crude to refineries in India and other regions. Trafigura declined to comment, while Repsol did not respond. The deal follows the U.S. securing control over Venezuela’s leadership and initiating diplomatic agreements to unlock oil exports.