Commodity Giants Are Back To Trading Venezuela’s Oil

Some of the largest independent oil trading houses are already offering Venezuelan cargoes, including to U.S. buyers. Commodity giants have also struck deals to buy crude from intermediaries approved by Venezuela’s state-owned oil company PDVSA. The easing of the sanctions has allowed the world’s biggest oil traders to return to Venezuela, while the country is also reportedly negotiating with international oilfield services providers to help it ramp up production. Increased supply from Venezuela is set to shift global oil market balances—to an extent—as more crude will be flowing from the Latin American country, at least until April next year.By Tsvetana Paraskova. Full Text-> OilPrice

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