Published by Global Banking & Finance Review®
Posted on January 8, 2026
3 min readLast updated: January 20, 2026
Add as preferred source on GoogleVitol and Trafigura are in talks with the White House about Venezuelan oil, as the US aims to control sales and revenue. US majors seek investment guarantees.
By Dmitry Zhdannikov, Shariq Khan and Robert Harvey
LONDON/NEW YORK, Jan 8 (Reuters) - U.S. President Donald Trump's administration has invited the bosses of commodity trading houses Vitol and Trafigura to the White House on Friday for talks on marketing Venezuelan oil, four sources familiar with the matter told Reuters.
European trading houses have traditionally dominated global oil trading and could help the U.S. sell oil from Venezuela even though Washington wants U.S. majors to play the biggest role.
Geneva-headquartered Vitol has already received a preliminary licence from the U.S. government to begin negotiations for the import and export of oil from Venezuela for 18 months, four sources told Reuters on Thursday.
The White House has said it would be hosting U.S. oil majors on Friday, but the invitation to trading houses has not been previously reported.
Reuters could not immediately obtain a full list of those invited to the meetings.
Vitol and Trafigura, which was also formerly based in Geneva but is now headquartered in Singapore, declined to comment. The White House did not comment on whether Vitol and Trafigura were invited.
US INDEFINITE CONTROL OF OIL SALES
The Trump administration set its sights on Venezuela's oil industry soon after U.S. forces captured President Nicolas Maduro on January 3. Washington has said it wants to control Venezuela's oil sales and revenue indefinitely.
The U.S. Department of Energy said on Wednesday it was engaging with commodity marketers and banks to execute and to provide financial support for Venezuelan crude oil and fuel sales to the country. It did not specify which companies.
Trump has already said U.S. companies will invest in Venezuela and rebuild its oil industry to produce more oil and bring global energy costs down.
Washington and Caracas agreed a deal this week to export some 30-50 million barrels of oil worth $2 billion to the United States but U.S. oil majors have said they want "serious guarantees" before they make investments.
Years of under-investment and sanctions have led Venezuela's output to fall to around 1 million barrels per day, or just 1% of global supply, from 3.5 million bpd in the 1970s when it accounted for 7% of global oil.
INVOLVEMENT IN VENEZUELA
Vitol and Trafigura were among the most active traders of Venezuelan oil prior to U.S. sanctions in 2019.
In the past, they have marketed Venezuelan oil received from state firm PDVSA’s European partners, which were U.S. licence holders. And their capacity to have tanker fleets in Venezuela quickly and trade barrels exceeds that of many joint venture partners. Yet they might not have first access to Venezuela’s crude.
"U.S. majors are central to production, but large international trading houses bring global reach and optionality the majors lack. It therefore makes clear sense for these traders to engage proactively with the U.S. government to discuss next steps," Jean-Francois Lambert of consultancy Lambert Commodities said.
U.S. oil major Chevron is in talks with the U.S. government to expand a licence to operate in Venezuela so it can sell to other buyers, as well as to increase exports to its own refineries, Reuters reported on Wednesday.
Under U.S. licences, Chevron, India's Reliance, Italy's Eni, Spain's Repsol, France's Maurel & Prom and China's CNPC have intermittently been the main traders of Venezuelan oil since sanctions were imposed in 2019.
(Reporting by Shariq Khan in New York, Arathy Somasekhar and Marianna Parraga in Houston, Dmitry Zhdannikov, Robert Harvey and Anna Hirtenstein in London, Julia Payne in Brussels and Aizhu Chen in Singapore; editing by Barbara Lewis and Jason Neely)
Oil trading involves buying and selling oil commodities in various forms, such as crude oil or refined products. It plays a crucial role in the global economy, affecting prices and supply chains.
A commodity trader is a professional who buys and sells physical goods like oil, metals, or agricultural products. They operate in markets to profit from price fluctuations and manage supply and demand.
U.S. oil majors are large oil companies based in the United States, such as ExxonMobil and Chevron. They play a significant role in the global oil market, influencing production, pricing, and investment strategies.
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