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Commodities trading giant Vitol is preparing to load the first shipment of U.S. naphtha bound for Venezuela this weekend, marking a significant step in efforts to revive the country’s oil industry. According to sources cited by Reuters, the cargo will be transported under a newly announced supply arrangement following recent political changes in Caracas supported by the Trump administration.
Naphtha plays a critical role in Venezuela’s energy sector as a diluent used to thin its extra-heavy crude oil, making it easier to transport and refine. The resumption of naphtha shipments from the United States is expected to help stabilize and potentially increase crude oil production after months of disruption.
Venezuela’s state-run oil company PDVSA had recently been forced to curb output after a prolonged U.S. naval blockade restricted exports, causing oil storage facilities to reach capacity. With exports limited, crude was increasingly stored offshore on tankers, further straining operations. The new flow of diluent could ease these bottlenecks and allow production to ramp up again.
Vitol, along with rival trader Trafigura, has confirmed agreements with the U.S. government to assist in marketing stranded Venezuelan oil. These deals followed approval by Venezuela’s interim government to export as much as 50 million barrels of crude oil to the United States. Oil major Chevron is also involved in sourcing naphtha to support renewed production.
Sources say Vitol has chartered the tanker Hellespont Protector, which is set to load approximately 460,000 barrels of naphtha from Houston. The vessel is expected to complete loading over the weekend and deliver the cargo to Venezuela next week.
Previously, Venezuela relied on U.S. diluents until licenses were revoked last year, prompting a shift toward Russian supplies. Analysts note that if Russian naphtha imports are now curtailed, the United States will need to quickly fill the gap to prevent further production shutdowns. Overall, the restart of U.S.-Venezuela naphtha trade could reshape regional oil flows and strengthen America’s role in supporting Venezuela’s oil recovery.
