Venezuela’s PDVSA Secures Direct Crude Deals with Global Refineries, Cutting Out Vitol and Trafigura

State‑run PDVSA is rapidly signing direct supply contracts with major refiners, bypassing commodity traders Vitol and Trafigura whose U.S. Treasury licenses expire in June 2027. In the first six months after the market reopened, Phillips 66 and Reliance Industries of India inked agreements, while Valero and Thailand’s Tipco are expected to follow. European majors Repsol (Spain) and Eni (Italy) have also expanded direct imports. By eliminating intermediaries, PDVGA can raise net‑sale prices and reduce commission costs, reshaping crude sourcing for Gulf‑of‑Mexico refineries and altering traditional trading flows.