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250kbd of Venezuelan Oil Could Divert from Asia to US: Valero

OIL

About 250,000 bpd of Venezuelan crude, currently going to Asia could be diverted to the US Gulf following last week’s sanctions easing according to Valero’s COO Gary Simmons Thursday.

  • Valero is among the US firms in talks with PDVSA to resume or expand imports of Venezuelan crude and fuel according to Reuters reports last week.
  • The refiner has bought barrels from Chevron since it has been able to pull them into the US since late last year with a lot of its capacity designed to refine its barrels.
  • Chevron is on track for its 100th Venezuelan cargo into the US since receiving the license last November.
  • Reminder that the latest Venezuela sanctions deal remains at risk because of Maduro keeping opposition leader Maria Corina Machado banned from running against him in a likely re-election next year.
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