US Gulf Coast refiners Valero Energy and Phillips 66 have purchased Venezuelan crude oil cargoes from independent trading houses, marking the first such transactions since Washington authorized the sale of up to 50 million barrels of the country’s stranded reserves, according to Reuters.

The deals were facilitated through the Geneva-based trading house Vitol, which, along with rival Trafigura, recently secured special US licenses to market Venezuelan crude. This development follows a landmark agreement between Washington and Caracas in early January 2026, aimed at clearing tens of millions of barrels of oil held in storage following the ouster of President Nicolás Maduro.

Sources familiar with the transactions stated that the cargoes were traded at a discount of approximately $8.50 to $9.50 per barrel to the global Brent benchmark. While Valero and Phillips 66 have historically sourced Venezuelan oil through Chevron, these latest deals represent a strategic shift toward independent traders newly empowered by the US government to manage logistical and marketing services.

US Energy Secretary Chris Wright, who was recently appointed to oversee the sale of Venezuela’s onshore and offshore reserves, noted that initial sales under the program have already generated approximately $500 million.

Wright highlighted that these facilitated transactions are fetching realized prices roughly 30% higher than those achieved by the previous administration just weeks ago, as US Gulf Coast refiners move to reintegrate heavy Venezuelan grades into their systems.

The transactions underscore the gradual re-entry of Venezuelan crude into global markets and renewed interest from US refiners seeking discounted heavy oil supplies suited to Gulf Coast refining systems.