Global Refiners Cutting Out Oil Traders To Buy Venezuelan Crude Directly The oil market has taken a significant hit to commodity traders' interests as major refiners begin buying Venezuelan crude directly from state run Petróleos de Venezuela, S.
A. (PDVSA). This shift in strategy by PDVSA marks a reversal of the previous arrangement, where Vitol and Trafigura dominated the space with their exclusive licenses and logistical prowess.
The development is not surprising given the complex history of Venezuelan oil sales. Since January, when the U. S.