Trafigura Uses Venezuelan Oil Reserves to Supply US Refineries

Trading house Trafigura has begun supplying United States refineries with Venezuelan crude oil as part of a broader resumption of energy flows from the Latin American nation following the capture of former President Nicholas Maduro in January 2026.

On January 22, 2026, Trafigura sold its first cargo of Venezuelan crude oil under a 50-million-barrel supply deal between Caracas and the trading firm. This shipment was part of an acceleration of exports from the OPEC nation under a $2 billion US-backed agreement.

While Trafigura has directed shipments to US refineries and a Spanish refiner, rival trading house Vitol has also prepared to export Venezuelan fuel oil as part of the increased shipment volume.

Geopolitical Shift and Sanctions

The return of Venezuelan oil to the US market follows a surprise night-time raid by the US military in January 2026, during which former President Nicholas Maduro was captured. Following the raid, US President Donald Trump vowed to utilize Venezuela’s oil reserves, which are the largest in the world.

As part of the shift in policy, the US lifted sanctions on Delcy Rodríguez, the interim leader of Venezuela.

Chevron Operations and Infrastructure

Chevron is currently the only major US oil company operating in Venezuela. The company is importing Venezuelan crude by the shipload to support its operations in the US.

The crude is being processed at Chevron’s refinery in Pascagoula, Mississippi, which serves as the company’s largest operation within the United States.

Tim Potter, the director for the Pascagoula refinery, stated that the arrival of the oil It’s a big deal not only for Chevron but the entire Gulf region.

Market Volatility and Export Volume

The increase in Venezuelan exports coincides with global energy price volatility caused by Iran blocking the Strait of Hormuz.

In March 2026, Venezuela’s monthly crude exports surpassed one million barrels per day, marking the first time the country reached that level since September.

Logistical movements supporting these volumes include the Minerva Gloria, an 820-foot oil tanker that recently transported 400,000 barrels of Venezuelan crude to the US.