Exclusive: US refiners Phillips 66, Citgo seek to buy crude directly from Venezuela, sources say

Core Viewpoint - U.S. refiners Phillips 66 and Citgo Petroleum are planning to purchase heavy crude directly from Venezuela's state oil company PDVSA starting in April, aiming to enhance profitability by bypassing trading houses and Chevron [1] Group 1: Company Initiatives - Phillips 66 is seeking compliance and internal clearance to buy directly from PDVSA and plans to charter tankers for crude loading at PDVSA's terminals [1] - Citgo Petroleum is in discussions to buy crude directly from Venezuela, with intentions to have it delivered to the U.S. Gulf Coast, although logistical challenges exist due to PDVSA's limited vessel availability [1] - Valero, the second-largest U.S. refiner, intends to start direct purchases from PDVSA later in the year after evaluating Venezuela's loading infrastructure [1] Group 2: Market Dynamics - The U.S. refiners' direct purchasing plans come in the context of a general license issued by the Trump administration, which is expected to expand the pool of buyers and increase trade to $5 billion in the coming months [1] - Venezuelan crude prices have recently decreased, with offers for Venezuelan Merey cargoes at $10 per barrel below Brent, compared to $6-$7.50 per barrel below Brent last month [1] - The refiners' plans may face challenges due to the need for individual licenses or specific clearance from the U.S. Treasury's Office of Foreign Assets Control, as well as reluctance from U.S. banks to finance Venezuelan oil transactions [1]