U.S. refiner Phillips 66 can process around 250,000 barrels per day of Venezuelan crude, CEO Mark Lashier said at a conference in Houston on Tuesday. ...

The United States, which imposed tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil, three sources familiar with the matter told Reuters. ...

Most Read from Bloomberg The Trump administration issued a general license expanding the ability of oil companies to operate in Venezuela, marking a significant step to ease sanctions under the new US-backed leadership in Caracas. The license issued by the US Treasury Department Thursday covers a variety of activities that could expedite the movement of Venezuelan crude, including exporting, selling, storing and refining that oil, as long as the work is performed by a US entity. According to an admini ...

Valero Energy has engaged with three authorized sellers of Venezuelan crude and will purchase barrels from all three of them, it said on a conference call on Thursday. ...

Oil producer Chevron is set to boost exports of Venezuelan crude to the U.S. to some 300,000 barrels per day (bpd) in March, from 100,000 bpd in December and some 230,000 bpd so far this month, two sources with knowledge of the plans said on Wednesday. ...

Core Viewpoint - Hindustan Petroleum Corp Ltd is seeking Venezuelan crude for the first time as part of its strategy to increase heavy oil processing in the upcoming fiscal year starting in April [1] Group 1 - The company plans to enhance its heavy oil processing capabilities [1] - The Chairman, Vikas Kaushal, announced this initiative on Tuesday [1]

via Bloomberg Chevron Corp. has assembled its largest fleet of vessels in almost a year to ship Venezuelan crude, after the US moved to exert control over the country’s oil sector following the capture of leader Nicolas Maduro. The oil major, which holds a license to export US-sanctioned crude, sent 15 vessels this month to ship at least 200,000 barrels a day of oil. That compares with nine ships in the previous month and marks the highest total since March, according to shipping reports and vessel movem ...

Core Viewpoint - Oil companies are actively seeking to engage in new exports of Venezuelan crude oil to the U.S. following the political changes in Venezuela, specifically the ousting of President Nicolas Maduro [1] Group 1: Industry Developments - Oil companies are in urgent discussions to secure tankers and establish operational logistics for the export of Venezuelan crude [1]

Core Viewpoint - Reliance Industries is seeking U.S. approval to resume purchases of Venezuelan crude oil, indicating a strategic move to secure oil supplies amid changing geopolitical dynamics [1] Group 1: Company Actions - Reliance Industries is a private refiner actively pursuing the resumption of Venezuelan crude oil purchases [1] - The company is looking to secure oil supplies, which may reflect its broader strategy to enhance its refining operations and meet domestic demand [1] Group 2: Industry Context - The move by Reliance Industries comes as the global oil market experiences fluctuations, and companies are exploring various sources to ensure stable supply chains [1] - Resuming purchases from Venezuela could signify a shift in the industry's approach to sourcing crude oil, particularly in light of U.S. sanctions and geopolitical considerations [1]

Group 1: Chevron's Market Position and Outlook - Bernstein raised its price target on Chevron Corporation (CVX) to $172 from $170, maintaining a Market Perform rating, indicating a balanced outlook for oil heading into 2026 with expected near-term volatility but long-term strength [1] - Chevron is the only US oil major operating in Venezuela under a US license that exempts it from sanctions, allowing it to export Venezuelan crude to the US [3] - On January 5, Chevron resumed exports of Venezuelan oil to the US after a four-day pause, becoming the only firm consistently exporting Venezuelan crude [3] Group 2: Industry Context and Developments - An agreement between Caracas and Washington allows up to $2 billion of Venezuelan crude to be exported to the US, which is seen as a key negotiation to redirect supply away from China and help Venezuela avoid deeper production cuts [2] - Chevron's operations in Venezuela are significant as it is currently the only company loading crude for export at key Venezuelan ports [3] - Chevron is involved in various sectors including oil and gas production, fuel and chemical manufacturing, and the development of supporting technologies [4]