Economics

Valero Has ‘Holes’ in Supply Plan as Venezuelan Sanctions Bite

Pre-sanctions, company was No. 2 U.S. buyer of Venezuela oil
One in five of its heavy crude barrels came from Venezuela

A sign displays fuel prices at a Valero Energy Corp. gas station in Athens, Ohio, U.S., on Tuesday, Jan. 30, 2018.Photographer: Ty Wright/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By David Wethe and Barbara J. Powell

January 31, 2019 at 4:19 PM UTC

This article is for subscribers only.

Valero Energy Corp. is searching for alternative sources of heavy crude oil after U.S. sanctions cut off cargoes from Venezuela, which supplied 20 percent of the company’s needs.

Valero, which had been the biggest American buyer of Venezuelan oil aside from the Latin American nations’s Citgo Petroleum unit, confirmed during a conference call on Thursday that it’s not taking any more deliveries of Venezuelan crude.