Valero purchased a cargo of Venezuelan crude oil from Vitol at a discount of $8.50 to $9.50 to Brent crude, marking the first deal by a U.S. Gulf Coast refiner under Washington’s agreement with Caracas for up to 50 million barrels of crude. Offers of Venezuelan Merey heavy crude to U.S. refiners started at a discount of $6 to $7.50 per barrel to Brent, following authorization for trading houses to market Venezuelan crude. Prior to 2019 sanctions, U.S. Gulf Coast refineries processed around 800,000 barrels per day of Venezuela’s heavy oil.

Read more at Yahoo Finance: Exclusive-Valero buys Venezuelan oil cargo as part of Washington’s deal with Caracas