Venezuelan oil is offered by energy trading group Vitol to Chinese buyers at a price about 5 USD/barrel cheaper than Brent oil.
This move aims to explore Asia's demand for Venezuela's key heavy oil, high sulfur content.
According to many sources familiar with the matter, the above oil blocks are expected to be delivered in the second half of April 2026.
Venezuelan Merey oil has long been in the cheapest group in the world, of which Asia, especially China, is an important consumption market.
Before the US deeply intervened in Venezuela's oil industry and took control of export activities, Venezuelan oil was sold at a price reduced by up to 15 USD per barrel compared to Brent oil, calculated at the delivery price.
In recent years, Vitol has operated in Venezuela under the US Treasury Department's license, allowing the unloading and trading of Venezuelan crude oil.
All proceeds from oil sales will be transferred to US-controlled bank accounts, to serve the interests of both sides, the White House said.
