Apple Stock Jumps as Company Prepares Major Siri AI Chatbot Upgrade 
China Manufacturing PMI Rebounds in December, Offering Boost to Economic Growth Outlook 
FAA Says It Is Not Blocking Boeing 737 MAX 7 and MAX 10 Certification 
Court Allows Expert Testimony Linking Johnson & Johnson Talc Products to Ovarian Cancer 
U.S. Dollar Steadies Ahead of Fed Minutes as Markets Eye Policy Divisions 
Global DRAM Chip Shortage Puts Automakers Under New Cost and Supply Pressure 
Walmart to Cut PhonePe Stake in IPO as Tiger Global and Microsoft Exit 
U.S. Stocks Slip as Gold Rebounds Ahead of Year-End, Markets Eye 2026 Outlook 
South Korean Won Slides Despite Government Efforts to Stabilize Currency Markets 
U.S. Dollar Slides Toward Biggest Annual Loss Since 2017 as 2026 Risks Loom 
Valentino Garavani Dies at 93, Leaving Behind the Timeless Legacy of Valentino Red 
Micron to Buy Powerchip Fab for $1.8 Billion, Shares Surge Nearly 10% 
Memory Chip Shortage Drives Higher Gadget Prices and Weakens Global Tech Demand 
South Korea Factory Activity Returns to Growth in December on Export Rebound 
Tesla Revives Dojo Supercomputer Project With AI5 Chip at the Core 
China Imposes 55% Tariff on Beef Imports Above Quota to Protect Domestic Industry 
Valero Energy has purchased a cargo of Venezuelan crude oil in what sources describe as the first transaction by a U.S. Gulf Coast refiner under Washington’s recent agreement with Caracas, which allows the purchase of up to 50 million barrels of Venezuelan crude. The deal marks a significant shift in U.S.-Venezuela energy trade following years of strict sanctions.
According to two industry sources, Valero acquired the cargo from global trading house Vitol. The crude is scheduled for delivery to the U.S. Gulf Coast and was priced at a discount of approximately $8.50 to $9.50 per barrel compared to Brent crude, reflecting the heavy nature of Venezuelan oil and the market dynamics surrounding its re-entry into U.S. refining systems.
While Valero has historically processed Venezuelan crude through arrangements linked to Chevron, which holds a special license to operate in Venezuela, this transaction is notable because it represents the refiner’s first direct purchase from an independent trading house. Trading firms like Vitol were only authorized earlier this month to market Venezuelan crude, following a partial easing of U.S. sanctions.
Market activity around Venezuelan oil has accelerated in recent weeks. Offers for Venezuela’s flagship Merey heavy crude began circulating among U.S. refiners last week at discounts ranging from $6 to $7.50 per barrel to Brent. The wider discount seen in Valero’s deal suggests competitive pricing as Venezuela seeks to regain lost market share in the U.S. Gulf Coast refining hub.
Before U.S. sanctions were imposed in 2019, Venezuelan heavy crude was a key feedstock for complex Gulf Coast refineries. U.S. government data shows that prior to the sanctions, several major refiners imported and processed around 800,000 barrels per day of Venezuelan oil. These refineries were specifically configured to handle heavy, sour crudes like Merey.
The new agreement between Washington and Caracas has reopened the door for Venezuelan crude exports to the United States, potentially reshaping crude supply flows, refining economics, and price differentials in the global oil market. As more refiners and traders test the waters, Venezuelan crude could once again become a regular feature in U.S. energy trade.
