Vitol and Trafigura press for steeper discounts on Venezuelan crude

Global oil traders Vitol and Trafigura are pressing for steeper discounts on Venezuelan crude as rising freight rates erode their margins, according to the portal AlbertoNews, which reported on September 23, 2026.

The two trading houses are among the biggest winners from the revival of the country's oil sector, as they sell and ship more than half of Venezuela's exports. The negotiations over lower prices highlight the challenges of operating in Venezuela's volatile energy sector, which until recently was under tough U.S. sanctions.

The recovery in prices for Merey, the country's flagship heavy crude, is threatened by a surge in the cost of shipping oil worldwide, which has hit record highs after the largest wave of attacks on shipping since the war between the United States and Iran began in late February. Chartering an Aframax tanker from the Venezuelan port of Jose to the U.S. Gulf Coast now costs $3.5 million ($5 a barrel), up from $1.35 million ($1.90 a barrel) at the start of the year, according to Signal Maritime data cited by the outlet.

In this context, Trafigura and Vitol are offering prices $18 to $20 a barrel below Brent for cargoes bound for the United States or Europe. For its part, the state-owned PDVSA has recently agreed on prices $12 to $13 a barrel below Brent with some joint venture partners, which have been forced to resell the crude to intermediaries at a discount of $16 a barrel to the benchmark.