Oil refiners on the U.S. Gulf Coast face challenges absorbing a surge in Venezuelan crude shipments. Trading houses granted U.S. licenses to market oil after a supply agreement with interim President Delcy Rodriguez. Venezuelan oil exports to the U.S. nearly tripled last month, hitting 284,000 bpd. Chevron and Trafigura exported 12 million barrels in January, but much remains unsold. China has not received any Venezuelan oil since Maduro’s capture, as the U.S. controls sales indefinitely. India could potentially become a relief valve for Venezuelan oil.

Read more at Yahoo Finance: US refiners struggle to absorb sudden surge in Venezuelan oil imports