Yahoo Finance | EN590 Commodities
EN590 Commodities GroupCrude Oil 2026-07-23T00:00:00+00:00
Commodity traders are having the rug pulled out from under one of their biggest paydays yet as refiners startbypassing oil and tradersand buying Venezuelan crude directly, according to Reuters. Refiners and major oil-producing firms are rapidly gaining market share in Venezuelan crude by locking in direct supply contracts with state-runPetróleos de Venezuela, S.A. (PDVSA), bypassing the global middlemen and commodity trading houses such as Trafigura and Vitol that previously dominated the space. Six months after traders reopened Venezuela's oil market,Phillips 66(NYSE:PSX) and India'sReliance Industrieshave already signed direct supply agreements, withValero(NYSE:VLO) and Thailand'sTipcoexpected to follow. Previously, Vitol and Trafigura enjoyed first-mover advantage, managing tobecome dom
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