Energy
Small US Trader Moves Into Commodity Giants Vitol, Trafigura’s Venezuela Oil Turf
The Petroleos de Venezuela SA (PDVSA) Amuay oil refinery at the Paraguana Refinery Complex in Punto Fijo, Falcon State, Venezuela.
Source: Bloomberg
George E. Warren LLC, a US oil trading firm based in Florida, broke into Venezuela oil trading, a market that had been largely dominated by commodity powerhouses Trafigura Group and Vitol Group since the ouster of former President Nicolas Maduro earlier this year.
The firm is exporting 1 million barrels of Venezuelan crude oil this month, according to a document seen by Bloomberg. This would be GE Warren’s first purchase since the US eased strict sanctions that stunted the flow of Venezuelan oil for the past seven years, according to data compiled by Bloomberg.