HOUSTON, (Reuters) – Trading houses that emerged as early buyers of Venezuelan crude following an U.S. easing of oil sanctions in October are now supplying state company PDVSA with motor fuels and diluents for its heavy oil production, according to documents and data.
Ahead of a presidential election scheduled for late 2024, Venezuela has begun prioritizing fuel imports to avoid a new wave of the gasoline and diesel shortages that spurred protestsin recent years, according to the documents and sources.
Washington two months ago issued a six-month license that lifted most sanctions on the South American country’s oil industry, allowing exports of crude and gas to its chosen markets, and imports of fuel from almost any source. The authorization is contingent to the fulfillment of a pact to carry on a free presidential election.
PDVSA aims to replenish low inventories that had created a need for routine imports and had left the country’s stocks vulnerable to demand increases, the sources said.
