U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.S. allows some sanctioned Venezuelan crude to return to the market.
The shake-up in trade flows reflects a shortage of medium and heavy crude grades at the key Gulf Coast refining hub which has struggled in recent months to secure adequate supplies amid Mexican production and quality challenges, and Washington’s pressure strategy on Venezuela’s sanctioned energy industry.
The U.S. Treasury Department in March revoked key licenses that allowed some companies to export Venezuelan oil and fuel to the U.S. after President Donald Trump criticized the OPEC nation’s record on migration and democracy.
However, the administration is now preparing to grant new authorizations to key partners of Venezuela’s state-run PDVSA to allow them to operate with limitations, which could include oil swaps, five sources close to the matter said this week.
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