South America

Russia hunts for new naphtha markets as key buyers pull back

Buyers have become more cautious after Washington imposed sanctions on top Russian oil producers, forcing sellers to hold naphtha on ships or in storage abroad from where it can be re-exported, often with the destination obscured.

AES Andes abandons $10-B green hydrogen project in Chile

Tanker carrying Venezuelan heavy oil departs to Louisiana (U.S.)

This month, trading houses Vitol and Trafigura received the first U.S. licenses to load and export Venezuelan oil as part of the deal. They have since shipped cargoes to storage terminals in the Caribbean, and from there they have been marketing and selling the crude to refiners worldwide.

India says state-run BPCL to sign $780-MM oil deal with Brazil's Petrobras

Indian refiners are redrafting their oil import strategies, buying more oil from Middle Eastern, African and South American countries to make up for a reduction in Russian oil supplies.

With refining spin off, Galp focuses on growing upstream in Brazil, Namibia

The company said earlier this month it was in talks with private equity-backed Moeve to combine their businesses in two new entities - one focusing on retail and another on refining.

Venezuelan oil exports to China set to drop as U.S. blockade limits cargoes

The number of oil tankers departing Venezuela for China has fallen sharply after U.S. President Donald Trump imposed a blockade in December on sanctioned ships transporting Venezuelan oil, part of its pressure campaign on Venezuelan President Nicolas Maduro that culminated in a U.S. military incursion that captured him.

Venezuela begins reversing oil output cuts as exports resume

The OPEC country's oil exports had remained almost at a standstill since December, with only U.S. Chevron exporting crude from its joint ventures under a U.S. authorization, leaving millions of barrels stuck in onshore tanks and vessels.

Brazil's diesel imports hit record in 2025 amid local production decline

Brazil imported a record 17.3 B liters of diesel in 2025, with Russia holding its spot as the South American nation's top supplier despite ceding some share to the United States.

Vitol to load first diluent cargo under Venezuela supply deal last weekend

The flow of naphtha, used as a diluent to thin Venezuela's heavy crude oil and make it easier to move and process, would mark a key milestone in efforts to boost production in the South American country as the Trump administration focuses on reviving its oil industry after removing President Nicolas Maduro from power last week.

Vitol, Trafigura offer Venezuelan oil to Indian, Chinese refiners for March delivery

The global commodities traders confirmed on Friday they had struck agreements with the U.S. government to help market stranded Venezuelan oil, days after the interim government in Caracas agreed to export up to 50 MMbbl of crude oil to the U.S.