Phillips 66 and Citgo Plan to Buy Heavy Crude Directly from Venezuela
Phillips 66 (PSX) and Citgo Petroleum are planning to start buying heavy crude directly from Venezuela's state oil company PDVSA as early as April, aiming to boost profitability by bypassing trading houses and U.S. oil major Chevron (CVX), Reuters' Nicole Jao, Arathy Somasekhar and Marianna Parraga report. This shift comes as broader U.S. authorizations expand Venezuelan oil exports, although logistical challenges remain, especially for deliveries to Gulf Coast refineries, and companies must navigate U.S. Treasury licensing and sanctions complexities, the report notes. Valero (VLO) plans to buy directly from PDVSA later in the year after it assesses the condition of Venezuela's loading infrastructure, three sources say.
