Refiners buy Venezuelan crude directly from state-run PDVSA
Refiners and major oil-producing firms are gaining market share in Venezuelan crude by locking in direct supply contracts with state-run Petróleos de Venezuela, S.A. (PDVSA).
This move bypasses global middlemen and commodity trading houses that previously dominated the space.
Six months after traders reopened Venezuela’s oil market, refiners are now cutting out traders to buy crude directly, changing the market dynamics.