Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - After the escalation and subsequent decline of the Iran situation, geopolitical risks have fluctuated more widely. The impact of the Venezuelan situation on oil prices has been gradually digested by the market, and the expectation of tight supply of asphalt raw materials has eased. However, the increase in raw material discounts has not been fully priced in, leading to high - level oscillations in asphalt. In terms of supply and demand, the off - season at the beginning of the year has arrived as expected, with both weekly supply and demand decreasing month - on - month. The industrial chain inventory remains at a low level, and the spot price is relatively firm. In the short term, the futures market is expected to oscillate at a high level [5]. - For trading strategies, the single - side trading of asphalt is expected to oscillate at a high level with increased geopolitical risk fluctuations. Attention should be paid to the positive spread arbitrage between BU4 - 6, and it is recommended to wait and see for options trading [6]. 3. Summary by Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis**: Geopolitical risks lead to increased cost fluctuations. The supply and demand of asphalt are in the off - season, with inventory at a low level and the spot price remaining firm. The futures market is expected to oscillate at a high level [5]. - **Trading Strategies**: Single - side trading: high - level oscillation with increased geopolitical risk fluctuations; Arbitrage: focus on BU4 - 6 positive spread arbitrage; Options: wait and see [6]. 3.2 Chapter 2: Core Logic Analysis - **Cost and Supply**: The cost is strengthening, and the supply is at a low level. The price of asphalt in some regions has increased, and the overall market price has continued to rise. The increase in crude oil prices and the reduction in supply in some areas have led to price increases in North China, Shandong, and other regions [11]. - **Price Movement**: The price of asphalt in the market has continued to rise. The prices in Northeast, North China, Shandong, the Yangtze River Delta, and Southwest (Sichuan and Chongqing) regions have increased by 5 - 40 yuan/ton, while prices in other regions have remained stable. The rise in crude oil and futures prices, as well as supply - demand factors in different regions, have supported the price increase [11]. - **Cost and Profit**: Geopolitical instability has increased cost fluctuations. The Brent main contract is expected to fluctuate between 61 - 64 US dollars. As of January 9, the theoretical processing profit of asphalt refineries was 55 yuan/ton, a decrease of 22 yuan/ton compared to the previous week. The basis of asphalt in different regions has changed to varying degrees [14]. - **Production**: The overall production of asphalt has increased slightly month - on - month. The production in the Northwest region has increased significantly, while that in the Northeast region has decreased slightly. The production in other regions has shown different degrees of change [16][17]. - **Inventory**: The refinery inventory has remained at a low level, with a slight increase in the overall inventory. The social inventory has increased steadily due to the storage of winter - reserve resources. Different regions have shown different inventory trends due to factors such as production, demand, and resource storage [19][20][22]. 3.3 Chapter 3: Weekly Data Tracking - **Price and Spread**: The closing price of the asphalt main contract, Brent crude oil, and the prices of asphalt in different regions have shown certain fluctuations. The basis and profit margins of asphalt refineries and refined oil refineries have also changed [25]. - **Supply and Demand Data**: The refinery operating rate has increased slightly, the refinery inventory rate has increased slightly, the social inventory rate has increased slightly, the refinery weekly output has increased, and the refinery shipment volume has also changed [25].

Core Viewpoint - Shanghai Petrochemical is expected to report a significant net loss for the year 2025, primarily due to declining international crude oil prices, weak product demand, and a major maintenance shutdown in the fourth quarter [2][3]. Trading Information Summary - On January 19, 2026, Shanghai Petrochemical's stock closed at 2.94 yuan, up 3.16%, with a turnover rate of 1.02%, a trading volume of 747,200 shares, and a transaction value of 217 million yuan [1]. - The net inflow of main funds was 8.95 million yuan, accounting for 4.12% of the total transaction value, while retail investors saw a net inflow of 6.17 million yuan, representing 2.84% of the total [1]. Earnings Disclosure Highlights - The company forecasts a net loss attributable to shareholders of 12.89 billion to 15.76 billion yuan for 2025, with a non-recurring loss of 12.80 billion to 15.64 billion yuan [2][3]. - The previous year's net profit was 3.165 billion yuan, indicating a significant downturn in financial performance [2]. Company Announcement Summary - The anticipated losses are attributed to several factors: the downturn in international crude oil prices, weak market demand for products, and a reduction in total commodity output due to a major maintenance shutdown in the fourth quarter [2][3]. - The company also disclosed key operational data for 2025, including production and sales figures for various refined and chemical products, along with average price changes for major products and raw materials [2].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views - Polyolefins: The upward range is limited, and it is expected to fluctuate weakly. The PE main contract is expected to fluctuate weakly within the range, paying attention to the support at 6,600, and the PP main contract is expected to fluctuate weakly, paying attention to the support at 6,500, with a focus on short - selling on rallies [8]. - Plastics: There are still supply - demand contradictions, and it is expected to fluctuate [9]. - PP: There is significant upward pressure, and it is expected to fluctuate weakly in the short term [52]. 3. Summary by Directory Plastic 3.1 Weekly Market Review - On January 16, the closing price of the plastic main contract was 6,695 yuan/ton, a week - on - week increase of 0.31%. The average price of LDPE was 9,183.33 yuan/ton, a month - on - month increase of 2.42%, the average price of HDPE was 7,262.50 yuan/ton, a month - on - month increase of 3.20%, and the average price of LLDPE (7042) in South China was 7,004.44 yuan/ton, a month - on - month increase of 1.12%. The South China basis of LLDPE closed at 309.44 yuan/ton, a month - on - month decrease of 5.34%, and the 1 - 5 month spread was - 175 yuan/ton (+74) [11]. 3.2 Key Data Tracking - **Month - to - Month Spread**: The 1 - 5 month spread on January 16, 2026, was - 175 yuan/ton, an increase of 74 yuan/ton; the 5 - 9 month spread was - 28 yuan/ton, an increase of 13 yuan/ton; the 9 - 1 month spread was 203 yuan/ton, a decrease of 87 yuan/ton [17]. - **Spot Prices**: The report provides detailed spot prices and price changes for different regions and varieties of plastics [19][20]. - **Cost**: Last week, WTI crude oil closed at $59.22 per barrel, an increase of $0.44 per barrel from the previous week, and Brent crude oil closed at $64.20 per barrel, an increase of $1.18 per barrel from the previous week. The quoted price of anthracite at the Yangtze River port was 1,070 yuan/ton (unchanged) [22]. - **Profit**: The profit of oil - based PE was - 531 yuan/ton, compared with 59 yuan/ton last week; the profit of coal - based PE was 217 yuan/ton, an increase of 183 yuan/ton from the previous week [27]. - **Supply**: This week, China's polyethylene production start - up rate was 81.59%, a decrease of 2.07 percentage points from last week. The weekly polyethylene output was 66.98 tons, a month - on - month decrease of 2.48%. This week's maintenance loss was 11.27 tons, an increase of 1.40 tons from last week [33]. - **2026 Production Plan**: Multiple companies have polyethylene production capacity expansion plans in 2026, with a total planned production capacity of 5.5 million tons [36]. - **Maintenance Statistics**: Many enterprises' polyethylene production lines are in a state of shutdown or maintenance, and some start - up times are undetermined [37]. - **Demand**: This week, the overall domestic agricultural film start - up rate was 36.93%, a decrease of 0.96% from last week; the PE packaging film start - up rate was 48.15%, a decrease of 0.81% from last week, and the PE pipe start - up rate was 29.33%, a decrease of 0.17% from last week [39]. - **Downstream Production Ratio**: Currently, the production ratio of linear film is the highest, currently accounting for 28.1%, with a difference of 4.7% from the annual average level; the low - pressure film shows a significant difference from the annual average data, currently accounting for 4.3%, with a difference of 3.5% from the annual average level [43]. - **Inventory**: This week, the social inventory of plastic enterprises was 48.43 tons, a decrease of 0.05 tons from last week, a month - on - month decrease of 0.10% [45]. - **Warehouse Receipts**: The number of polyethylene warehouse receipts was 10,627 lots, a decrease of 738 lots from last week [49]. PP 3.3 Weekly Market Review - On January 16, the closing price of the polypropylene main contract was 6,496 yuan/ton, a decrease of 18 yuan/ton from the previous weekend, a week - on - week decrease of 0.28% [54]. 3.4 Key Data Tracking - **Downstream Spot Prices**: The report provides price information and price changes for various PP products and related products [56][58]. - **Basis**: On January 16, the spot price of polypropylene reported by Shengyi.com was 6,576.67 yuan/ton (+3.14%). The PP basis closed at 81 yuan/ton (+218), and the 1 - 5 month spread was - 261 yuan/ton (-49) [60]. - **Month - to - Month Spread**: The 1 - 5 month spread on January 16, 2026, was - 261 yuan/ton, a decrease of 49 yuan/ton; the 5 - 9 month spread was - 38 yuan/ton, an increase of 11 yuan/ton; the 9 - 1 month spread was 299 yuan/ton, an increase of 38 yuan/ton [69]. - **Cost**: The cost data is the same as that of plastics, with WTI crude oil and Brent crude oil prices rising, and the anthracite price remaining unchanged [73]. - **Profit**: The profit of oil - based PP was - 619.27 yuan/ton, a decrease of 102.91 yuan/ton from last week; the profit of coal - based PP was - 418.31 yuan/ton, an increase of 10.47 yuan/ton from the previous week [78]. - **Supply**: This week, the start - up rate of China's PP petrochemical enterprises was 75.62%, an increase of 0.15 percentage points from last week. The weekly production of PP pellets reached 77.58 tons, a month - on - month decrease of 0.44%. The weekly production of PP powder reached 5.69 tons, a month - on - month decrease of 15.62% [84]. - **Maintenance Statistics**: Many PP production lines of enterprises are in a state of shutdown or maintenance, and some start - up times are undetermined [87]. - **Demand**: This week, the average downstream start - up rate was 52.53% (-0.07). The start - up rate of plastic weaving was 42.60% (-0.32%), the start - up rate of BOPP was 63.56% (+0.32%), the start - up rate of injection molding was 57.93% (-0.11%), and the start - up rate of pipes was 33.87% (-0.11%) [89]. - **Import and Export Profits**: This week, the polypropylene import profit was - 251.53 US dollars/ton, an increase of 19.04 US dollars/ton compared with last week; the export profit was - 38.63 US dollars/ton, a decrease of 18.82 US dollars/ton compared with last week [95]. - **Inventory**: This week, the domestic polypropylene inventory was 43.10 tons (-7.85%); the inventory of the two major oil companies decreased by 4.12% month - on - month; the trader's inventory decreased by 5.28% month - on - month; the port inventory decreased by 0.70% month - on - month [98]. - **Warehouse Receipts**: The number of polypropylene warehouse receipts was 17,508 lots, an increase of 2,063 lots from last week [105].

Core Viewpoint - The Canadian dollar (CAD) is experiencing high volatility influenced by divergent US-Canada policies, oil price fluctuations, and trade uncertainties, with the USD/CAD exchange rate at 1.3892 as of January 16, 2026, reflecting a slight increase of 0.0944% [1] Group 1: Economic and Monetary Policy - In 2025, the CAD's performance was affected by policy adjustments and trade tensions, with the Bank of Canada cutting interest rates by a total of 100 basis points to 2.25%, the lowest since July 2022 [1] - The Bank of Canada signaled a pause in rate cuts during the December meeting, leading to market expectations of no further rate cuts before March, which, along with a rebound in oil prices, helped stabilize the CAD [1] - The Canadian economy showed resilience in Q4 2025, with a surprising annualized GDP growth of 2.6% in Q3, reversing a contraction trend [1] Group 2: Employment and Trade Dynamics - The Canadian job market showed mixed signals, with 53,000 new jobs added in November 2025, but the unemployment rate rose to 6.8% in December, indicating a weak labor market that limits the CAD's attractiveness [2] - In trade, Canada experienced a shift from a surplus to a deficit in October 2025, with a trade deficit of 583 million CAD, driven by an 8.4% decline in energy product exports, while metal and non-metal mineral exports surged by 27.3% to a record high [2] - The trade surplus with the US narrowed from 8.4 billion CAD in September to 4.8 billion CAD, while exports to non-US countries increased by 15.6%, indicating a diversification in trade partners [2] Group 3: Oil Prices and Market Outlook - The CAD's performance is closely tied to oil prices, with WTI crude oil recently rising to around 60.70 USD per barrel due to OPEC+ production cuts and tensions in Iran, providing support for the CAD [3] - However, concerns over potential oversupply from the US resuming Venezuelan oil imports, estimated to add 30 to 50 million barrels, could pressure Canadian oil exports [3] - Short-term resistance for USD/CAD is noted between 1.3920-1.3950, with support at 1.3820-1.3850, while long-term factors to monitor include the pace of Fed rate cuts, oil supply dynamics, and the review progress of the US-Mexico-Canada Agreement [3]

2025年底，由于不满货币贬值、物价飞涨导致生活成本飙升，中东某国多地爆发抗议活动。随着范围与 规模的不断扩大，抗议活动于2026年初演变为暴力冲突和政治抗议，成为近三年来中东某国爆发最大的 骚乱事件。美国总统特朗普对地缘局势的倾向同时引发市场关注：1月2日，特朗普威胁对该国骚乱事件 进行干涉，称美国"已做好准备"；1月8日，特朗普再次就该国骚乱事件发出威胁，称如再有人员死亡， 美国将进行"严厉打击"。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 卓创资讯分析师 桑潇 中东地缘风险扰动 原油价格录得五日连涨 综合来看，宏观压力与产业过剩叠加施压，2026年原油价格仍面临较大的下行压力，不过考虑到地缘局 势的频繁扰动，以及美国石油需求、美联储货币政策、欧佩克+产量政策等存在阶段性支撑，原油市场 高波动性行情料将延续，价格重心缓慢下移，欧美原油年度均值或分别在60及56美元/桶附近。市场风 险性因素，一是地缘局势，二是经济及金融系统性风险。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：李铁民 美国的干预威胁加大中东地缘风险，以及由此引发的石油供应担忧，支撑原油价格连续五日上涨，累计 涨 ...

Report Industry Investment Rating - The investment rating for the energy and chemical industry (pure benzene) is "oscillating bearish" [1] Report's Core View - The Middle - East geopolitical situation has eased, and crude oil prices have dropped significantly. This week, the pure benzene inventory at Jiangsu ports continued to increase, while the downstream demand side's operating rates have improved. In the short - term, the pure benzene price will fluctuate widely, with the reference range for the 03 contract being 5460 - 5750 yuan/ton. Follow - up attention should be paid to the port arrival volume and future US - dollar - denominated pure benzene market transaction prices. It is recommended to close out long positions at a profit [1] Summary by Relevant Catalogs Market Review - On Thursday night, the price of the main futures contract BZ2603 dropped by 57 yuan to 5620 yuan/ton. The spot price in the mainstream East China region was 5535 yuan/ton (down 40 yuan month - on - month), and the spot price in Shandong was 5462 yuan/ton (down 3 yuan month - on - month). In terms of positions, the number of long positions increased by 209 to 20,700, and the number of short positions increased by 130 to 26,400 [1] Important Information - Supply: In December, the domestic pure benzene production was 1.934 million tons, a year - on - year increase of 1.3%. In November, the pure benzene import volume was 459,600 tons, a month - on - month decrease of 7.4%. According to customs statistics, in November 2025, China's monthly pure benzene import volume was 459,624.998 tons, the cumulative import volume was 5,071,144.069 tons, the monthly import value was 323.069632 million US dollars, and the monthly average import price was 702.90 US dollars/ton. The import volume decreased by 7.48% month - on - month, increased by 5.93% year - on - year, and the cumulative import volume increased by 33.61% compared with the same period last year [1] - Inventory: The total commercial inventory of the pure benzene port samples in Jiangsu was 324,000 tons, an increase of 6,000 tons from the previous inventory of 318,000 tons, a month - on - month increase of 1.89%; compared with the inventory of 174,300 tons in the same period last year, the inventory increased by 149,700 tons, a year - on - year increase of 85.89%. From January 5th to January 11th, the incompletely - counted arrival volume was about 36,000 tons, and the pick - up volume was about 30,000 tons [1] - Demand: The operating rate of styrene was 70.8%, a month - on - month decrease of 0.06%; the operating rate of phenol was 89%, a month - on - month increase of 4%; the operating rate of caprolactam was 77.2%, a month - on - month increase of 2.9%; the operating rate of aniline was 73.2%, a month - on - month increase of 11.9%; the operating rate of adipic acid was 65.3%, a month - on - month decrease of 2.3%. Caprolactam plants have started self - disciplined production cuts, and there is an expected reduction in monthly pure benzene demand from December to January. The second line of Guangxi Hengyi's caprolactam has been put into production [1] - International Oil Prices: The situation in Iran has shown signs of temporary easing, and the market expects the crude oil supply from Venezuela to increase in the future, leading to a decline in international oil prices. The NYMEX crude oil futures 02 contract dropped by 2.83 US dollars/barrel to 59.19 US dollars/barrel, a month - on - month decrease of 4.56%; the ICE Brent crude oil futures 03 contract dropped by 2.76 US dollars/barrel to 63.76 US dollars/barrel, a month - on - month decrease of 4.15%. The price of China's INE crude oil futures 2603 contract rose by 2.7 to 452.4 yuan/barrel, and then dropped by 10.6 to 441.8 yuan/barrel at night [1] Market Logic - The Middle - East geopolitical situation has eased, and crude oil prices have dropped significantly. This week, the pure benzene inventory at Jiangsu ports continued to increase, while the downstream demand side's operating rates have improved. In the short - term, the pure benzene price will fluctuate widely, with the reference range for the 03 contract being 5460 - 5750 yuan/ton. Follow - up attention should be paid to the port arrival volume and future US - dollar - denominated pure benzene market transaction prices [1] Trading Strategy - Close out long positions at a profit [1]

Oil Price Movements - Oil prices experienced a significant decline after President Trump's announcement regarding the cessation of killings of protesters in Iran, with Brent crude dropping from over $66.60 to below $64.50, marking a loss of more than 1.5% [1] - West Texas Intermediate crude mirrored this trend, initially rising above $62.30 before falling to below $60.20, resulting in a loss of 1.7% [2] Geopolitical Context - Trump's comments followed reports of the Iranian regime's plans to execute protesters amid ongoing unrest, with human rights organizations indicating that thousands have been killed [2] - The market had shown volatility earlier in the day due to speculation about imminent US military action against Iran, including potential airstrikes or cyber attacks [3] Economic Implications - Trump announced a 25% tariff on any business conducted with Iran, effective immediately, indicating a strong stance against the regime and suggesting potential economic repercussions for countries engaging with Iran [4] - Iran, a key player in global oil markets, produces over 3 million barrels of oil daily and exports approximately 1.2 million barrels, controlling the Strait of Hormuz, a vital chokepoint for oil transportation [5]

Group 1 - The core support for the Canadian dollar comes from the continuous rise in oil prices, driven by supply concerns related to the situation in Iran, which has led to a weakening of the USD/CAD pair for two consecutive days [1] - The WTI crude oil price has been rising for several consecutive trading days, reflecting the sensitivity of the Canadian dollar to oil price fluctuations [1] - The geopolitical tension regarding Iran has intensified market expectations of potential supply disruptions, further amplifying oil price volatility [1] Group 2 - The downward space for the USD/CAD pair is constrained by multiple factors, including signs of stabilization in the USD after a slight decline [2] - Market focus is shifting towards the upcoming U.S. Consumer Price Index (CPI) data, with expectations that stronger inflation data could undermine Fed easing expectations and provide short-term support for the USD [2] - Concerns regarding the independence of the Federal Reserve continue to affect market sentiment, with uncertainties surrounding recent judicial comments and upcoming Supreme Court rulings on tariff policies [2]

Group 1: Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically for pure benzene) is "oscillating with a bullish bias" [2] Group 2: Core View of the Report - Global geopolitical disturbances are continuous, causing crude oil prices to stabilize and rebound. Last week, the pure benzene inventory at Jiangsu ports continued to accumulate, while the downstream demand-side operations improved. In the short term, the pure benzene price will fluctuate widely, with the reference range for the 03 contract being 5420 - 5580 yuan/ton. Future attention should be focused on port arrivals and the future transaction prices in the US dollar-denominated pure benzene market [2] Group 3: Summary by Relevant Catalogs Market Review - On Friday night, the futures price of the main contract BZ2603 rose by 60 yuan to 5516 yuan/ton. The spot price in the mainstream East China region was 5335 yuan/ton (down 5 yuan month-on-month), and the spot price in Shandong was 5223 yuan/ton (up 11 yuan month-on-month). Long positions decreased by 240 lots to 19,500 lots, and short positions decreased by 377 to 25,000 lots [2] Important Information - Supply: In December, the domestic pure benzene production was 1.934 million tons, a year-on-year increase of 1.3%. In November, the pure benzene import volume was 459,600 tons, a month-on-month decrease of 7.4%. In November 2025, the import volume was 459,624.998 tons, with a month-on-month decline of 7.48%, a year-on-year increase of 5.93%, and a cumulative import volume increase of 33.61% compared to the same period last year [2] - Inventory: The total commercial inventory of pure benzene at Jiangsu ports was 318,000 tons, up 18,000 tons from the previous period (a month-on-month increase of 6.00%) and 132,800 tons more than the same period last year (a year-on-year increase of 71.71%). From December 29 to January 4, the estimated arrival was about 25,000 tons, and the pick-up was about 7,000 tons [2] - Demand: The styrene operating rate was 70.7%, a month-on-month increase of 1.6%; the phenol operating rate was 78%, a month-on-month increase of 3%; the caprolactam operating rate was 74.1%, a month-on-month decrease of 0.1%; the aniline operating rate was 62.8%, a month-on-month increase of 1.6%; the adipic acid operating rate was 63.6%, a month-on-month increase of 4%. Caprolactam factories started self-disciplinary production cuts, and there may be a decrease in monthly pure benzene demand from December to January. The second line of Guangxi Hengyi's caprolactam plant was put into operation [2] - International Oil Prices: The market believes that the instability of the Russia-Ukraine and Israel-Iran situations has increased, raising potential supply risks and causing international oil prices to rise. The NYMEX crude oil futures 02 contract rose 1.36 dollars/barrel to 59.12 dollars/barrel (a month-on-month increase of 2.35%); the ICE Brent crude oil futures 03 contract rose 1.35 dollars/barrel to 63.34 dollars/barrel (a month-on-month increase of 2.18%); the Chinese INE crude oil futures 2602 contract rose 7.8 to 425.8 yuan/barrel and 11.9 to 437.7 yuan/barrel at night [2] - Military Movements: According to the US "The War Zone" website on January 5, a large number of US military aircraft suddenly flew to Europe recently, triggering speculation about potential special operations in the region [2] Market Logic - Global geopolitical disturbances are continuous, causing crude oil prices to stabilize and rebound. Last week, the pure benzene inventory at Jiangsu ports continued to accumulate, while the downstream demand-side operations improved. In the short term, the pure benzene price will fluctuate widely, with the reference range for the 03 contract being 5420 - 5580 yuan/ton. Future attention should be focused on port arrivals and the future transaction prices in the US dollar-denominated pure benzene market [2] Trading Strategy - Short-term long positions on dips [2]

Core Viewpoint - The U.S. President Trump is encouraging major global oil companies to invest $100 billion in Venezuela to significantly increase the country's oil production, while oil prices in the U.S. Gulf Coast are experiencing a decline due to this development [1][2]. Group 1: Investment and Production - Trump has called for an investment of $100 billion from global oil companies to enhance Venezuela's oil production capacity [1]. - Venezuela is expected to "transfer" between 30 million to 50 million barrels of "sanctioned oil" to the U.S. [2][3]. Group 2: Market Reactions - Oil prices for Mars crude fell by $0.40, trading at a discount of $1.90 to the benchmark price [1]. - Southern Green Canyon crude prices decreased by $0.50, with a discount of $3.25 to the benchmark price [1]. - Louisiana Light Sweet crude's February contract price remained stable, with a median premium of $0.95 over U.S. crude futures, and actual transaction prices ranging from a premium of $0.75 to $1.15 per barrel [3]. - Mars sour crude had a median premium of $0.20 over U.S. crude futures, with actual transaction prices ranging from a discount of $1.70 to a premium of $2.10 per barrel [3]. Group 3: Trade Developments - The CEO of commodity trading giant Trafigura announced plans to ship the first tanker of Venezuelan oil to the U.S. next week [2][3]. - Vitol Group has received preliminary special permission from the U.S. government to negotiate the import and export of Venezuelan oil over the next 18 months [2][3].