PDVSA Cuts Out the Traders as Refiners Return to Venezuelan Crude

Venezuela · Energy Key Facts —Exports. Venezuela is shipping more than 1.2 million barrels per day of crude and fuel, against an average of 847,000 bpd in 2025. —Model shift. PDVSA is moving business from trading houses back to direct contracts with refiners and joint-venture partners. —The traders. Vitol and Trafigura took more than 100…