Oil Giants Vie for US Deals to Control Venezuela's Crude Exports Amid Sanctions
Business
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CNBC TV18•09-01-2026, 08:43
Oil Giants Vie for US Deals to Control Venezuela's Crude Exports Amid Sanctions
- •Chevron, Vitol, Trafigura, and other firms are competing for US government deals to export Venezuelan crude oil.
- •US officials aim to control Venezuela's oil sales indefinitely, following President Trump's demand for full access.
- •Companies are lobbying the US government and meeting at the White House to secure lucrative export agreements.
- •Competition includes marketing up to 50 million barrels of PDVSA's accumulated inventory due to an oil embargo.
- •Vitol received a preliminary US license for Venezuelan oil negotiations; US seeks to rebuild Venezuela's oil industry.
Why It Matters: Major oil firms are intensely competing for US-controlled Venezuelan oil export deals.
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