Published by Global Banking & Finance Review®
Posted on January 8, 2026
1 min readLast updated: January 20, 2026
Vitol has obtained a preliminary US license to negotiate oil imports and exports with Venezuela, a move that could reshape global oil trading dynamics.
By Arathy Somasekhar, Dmitry Zhdannikov and Shariq Khan
HOUSTON, Jan 8 (Reuters) - Vitol, one of the world's largest commodity traders, has received a preliminary special license from the U.S. government to begin negotiations to import and export oil from Venezuela for 18 months, four sources said on Thursday.
Vitol would seek to finalize the license and terms under which it can operate in the South American country in the coming days, one source said. Vitol declined to comment.
President Donald Trump's administration has said it wants to control Venezuela's oil sales and revenue indefinitely, after U.S. forces captured President Nicolas Maduro on January 3. Vitol and rival Trafigura are in talks with the Trump administration about the marketing of Venezuelan oil, Reuters reported earlier.
(Reporting by Arathy Somasekhar in Houston, Shariq Khan in New York, and Dmitry Zhdannikov and Julia Payne in Brussels; Editing by David Gregorio)
A preliminary license is an initial authorization granted by a governing body that allows a company to engage in specific activities, such as negotiations or operations, under certain conditions.
Oil import and export refer to the buying and selling of crude oil and its derivatives across international borders, which is crucial for global energy supply and trade.
Foreign exchange, or forex, is the global marketplace for trading national currencies against one another, facilitating international trade and investment.
Financial markets are platforms where buyers and sellers engage in the trade of assets such as stocks, bonds, currencies, and commodities, influencing the economy.
Investment opportunities refer to potential avenues for individuals or entities to invest their capital in various assets or projects with the expectation of generating returns.
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