Valero Energy Corp. said on Thursday it has struck agreements to buy Venezuelan crude oil from three authorized sellers, without naming the firms, and expects those barrels to form a “pretty large part” of its heavy crude supply in February and March.
The U.S. refiner revealed the plans during a conference call as it kicked off the U.S. refiners’ earnings season.
Valero also said it has the capability to process substantially more than 240,000 barrels per day of Venezuelan heavy crude, underlining its logistical readiness to handle the grade.
The move comes amid a shift in U.S.–Venezuela energy ties after the U.S. government’s capture of Venezuelan President Nicolás Maduro earlier this month and ensuing efforts to revive the country’s long‑declining oil sector.
U.S. refiners, which once relied on Venezuelan heavy oil before sanctions were imposed in 2019, are poised to benefit as crude flows resume under new, authorized trading arrangements.
While Valero did not detail the identities of the sellers, industry sources have indicated that major trading houses such as Vitol and Trafigura are marketing Venezuelan crude under U.S.‑mandated agreements.
The deal is part of a broader strategy by Washington to redirect Venezuelan oil exports toward U.S. refiners and rebuild production after years of sanctions.
Analysts say cheaper heavy crude could give U.S. refiners a competitive edge and help meet demand for heavy feedstocks used in fuel production.
Valero’s announcement underscores how changes in geopolitical and regulatory conditions are reshaping crude supply patterns for U.S. Gulf Coast refiners.