Valero Energy will import up to 6.5 million barrels of Venezuelan crude in March, according to Reuters
Valero Energy will buy up to 6.5 million barrels of Venezuelan crude in March destined for its Gulf Coast refineries, sources told Reuters on Friday. Valero was one of the first US refineries to resume Venezuelan crude imports after the United States reached a $2 billion oil supply agreement with the country's interim government and began to ease sanctions.
TL;DR
- Valero Energy will purchase up to 6.5 million barrels of Venezuelan crude oil in March.
- The crude is destined for Valero's refineries on the US Gulf Coast.
- This purchase follows the US easing sanctions on Venezuela after a supply agreement.
- Valero was one of the first US refineries to resume Venezuelan crude imports.
- The company could surpass Chevron as the top US refiner of Venezuelan crude.
- This would be Valero's largest Venezuelan crude processing volume since 2019.