Trafigura Sells First Venezuelan Crude Under U.S.–Venezuela Supply Deal

Trading house Trafigura has completed its first Venezuelan crude shipment under a new U.S.–Venezuela supply agreement, with a cargo headed for Spanish refiner Repsol as part of efforts to reintegrate Venezuelan oil into global markets.

(Reuters) — Trading house Trafigura has sold its first cargo of Venezuelan crude oil as part of a 50-million-barrel supply deal between Caracas and Washington, industry sources said on Jan. 22, with Spanish refiner Repsol taking the shipment.

The cargo is expected to be delivered to Repsol in Spain in February, two of the sources said.

Trafigura did not immediately respond to a request for comment. Repsol declined to comment.

The deal would mark one of the first sales of Venezuelan oil to Europe since the United States captured the South American country's leader earlier this month and then struck agreements with Caracas to export up to 50 million barrels of its oil.

Trafigura and rival commodities trading house Vitol were tapped by Washington to facilitate the initial exports.

Vitol is separately shipping a cargo of Venezuelan oil to its Saras refinery in Italy as part of the deal, several industry sources told Reuters earlier on Jan. 22.

Vitol has also struck deals to sell cargos of Venezuelan oil to U.S. refiners Valero Energy and Phillips 66, Reuters reported on Jan. 21.

The trading houses have been marketing Venezuelan oil to refiners in India and elsewhere too.