US Unveils Strategy on Venezuelan Oil, Spurring Rush for Access

Group 1 - The US government plans to take control of up to 50 million barrels of Venezuelan crude, marking a significant shift in the international oil market and potentially revitalizing Venezuelan oil flows to US refiners after years of sanctions [2][3][4] - The announcement has led to a decline in Canadian crude prices and impacted benchmark oil futures, as Venezuela holds the world's largest oil reserves but has seen production drop below 1 million barrels per day due to underinvestment and sanctions [3] - US refiners, including Citgo Petroleum Corp., are considering resuming purchases of Venezuelan crude, with discussions ongoing between trading firms like Trafigura Group and the US government regarding the return to Venezuelan oil [6][7] Group 2 - Shares of US refining companies surged, with Valero Energy Corp. reaching an all-time high, as the potential access to Venezuelan oil creates renewed interest in the sector [7] - Major US oil companies are scheduled to meet with the Trump administration to discuss operations in Venezuela, although some drilling firms remain cautious about re-entering the market without clear political and legal assurances [8]