The US administration has begun the process of partially lifting sanctions prohibiting Venezuelan crude sales, while maintaining control over destinations.
US Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC), has given a waiver to a global trading firm to resume purchases of Venezuelan crude, sources tell Argus. The terms of the license require that any initial shipment must be sold to buyers in the US.
OFAC does not comment on issuance of private sanctions licenses. Trafigura and Gunvor declined to comment. Vitol has been approached for comment. Mercuria is considering its Venezuela options, including licensing, sources say.
The US is in talks with leading trading firms and banks to immediately move 30mn-50mn bl of Venezuelan oil held in floating and onshore storage, US energy secretary Chris Wright said on Wednesday.
As a first condition, OFAC must lift sanctions that since last year allow only Chevron to lift limited volumes of Venezuelan crude. Instead of issuing a "general license" to allow state-owned PdV to sell crude cargoes to any legitimate market participant, the US appears to have chose to issue private waivers that come with conditions attached.
Chevron imported 120,000 b/d from Venezuela in December. The bulk of Venezuelan crude, around 430,000 b/d of mainly heavy, bitumen-rich Merey in 2025, was exported to independent buyers in China.
