About 2 MMbbls of Venezuelan oil being shipped to Spain's Repsol for refining
About 2 million barrels of Venezuelan heavy crude are being sent to refineries owned by oil producer Repsol REP.MC in Spain, following purchases the company negotiated with trading house Trafigura.
Trafigura and Vitol were granted U.S. licenses last month to export millions of barrels of Venezuelan oil to the U.S. and other destinations. The companies have since been storing the oil in Caribbean terminals and marketing cargoes to refiners in the U.S. and Europe.
Spain had not imported Venezuelan crude since the first quarter of last year before U.S. President Donald Trump revoked all authorizations for foreign companies to receive and carry oil from the U.S.-sanctioned country.
One of two cargoes of Merey heavy crude for Repsol, onboard Suezmax tankers, departed in early February from the Jose port, operated by state company PDVSA. The second one is about to finish loading this week, the scheduled showed.
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