The Daily Journal — Vitol, one of the world’s largest commodity trading companies, has begun preliminary preparations to open an operational office in Venezuela, according to an exclusive report by Reuters.
Three sources with direct knowledge of the matter told Reuters that the move comes as “global trading houses expand their role in crude exports from the OPEC member country under an agreement reached between Caracas and Washington earlier this year.”
Throughout 2026, following the capture of Nicolás Maduro and his wife, Cilia Flores, major trading firms such as Vitol and Trafigura have handled exports for most of Venezuela’s oil production through contracts with Petróleos de Venezuela S.A. (Pdvsa).
Reuters noted that the administration of U.S. President Donald Trump directly oversees these operations, allowing Venezuelan crude shipments that previously went to China to reach the United States, Europe, and the Caribbean.
Larger contracts and a multi-billion-dollar reconstruction plan
U.S. and Venezuelan officials told Reuters that the crude supply agreement, originally signed in January and valued at $2 billion, covered exports of up to 50 million barrels through commodity traders and was later expanded to more than 100 million barrels.
Despite the rapid growth in crude marketing agreements, Washington-backed foreign investment has moved more slowly. Reuters reported that international companies have signed non-binding letters of intent and technical agreements as they assess market conditions before deciding whether to return to Venezuela or expand their operations.
Henry Medina, Vitol’s Latin America director, reaffirmed the company’s interest in Venezuela. In a written statement emailed to Reuters, he said:
“Vitol has maintained a strong relationship with PDVSA for many years. We look forward to building on that foundation, developing additional partnerships in Venezuela, and establishing a significant presence in the country.”
According to Reuters’ sources, the Caracas office would initially employ about a dozen people, primarily in commercial and trading roles.
Two of those sources also said the Venezuela unit will likely operate under the leadership of Mario Pantoja, an industry veteran who spent 35 years at Chevron and most recently managed the company’s oil trading business in Venezuela.
Growing competition
The Reuters report also highlighted the arrival of additional international players in Venezuela’s oil market. At least three smaller trading firms—George E. Warren, BGN International, and Novum Energy—have participated in Venezuelan crude and fuel exports this year. Shipping records and tanker-tracking data also show that several U.S. and Indian refineries have started purchasing crude cargoes directly from Petróleos de Venezuela S.A. (Pdvsa).
Meanwhile, Trafigura has already opened an office in Caracas following its oil agreement with Venezuela and currently employs two people there. Separate sources told Reuters that most of the company’s traders covering the region operate from Montevideo, where its back-office support functions are based.
When Reuters requested comment, Trafigura declined to discuss its plans for Venezuela.
