President Trump has invited Vitol and Trafigura heads to discuss marketing Venezuelan oil. U.S. oil majors have been tapped by his administration for a leading role. Vitol delivered 7.2 million bpd in 2024, Trafigura handled 4.3 million bpd. Both firms have diversified and are key buyers of fuel.

Venezuela holds the world’s largest proven oil reserves, but production has dropped due to sanctions, underinvestment, mismanagement, and corruption. The Orinoco Belt contains the majority of crude reserves, which are challenging to extract and refine due to high sulfur content. Blending with diluents is required for transport and processing.

Read more at Yahoo Finance: White House Invites Vitol, Trafigura For Venezuelan Oil Talks