PDVSA Cuts Out the Traders as Refiners Return to Venezuelan Crude

Venezuela is exporting over 1.2 million barrels per day of crude and fuel, up from 847,000 bpd in 2025. PDVSA is shifting its business model from trading houses to direct contracts with refiners and joint-venture partners. Vitol and Trafigura previously handled more than 100,000 bpd of Venezuelan crude.