Trump-friendly trader offers Venezuelan oil to China at a discount — Bloomberg

 Trading house Vitol, which bought the first shipment of Venezuelan crude, has offered oil to Chinese buyers at discounts of about $5 a barrel to Brent, Bloomberg reported, citing traders.

Cargo deliveries are scheduled for the second half of April. Bloomberg said discounts on Venezuela’s Merey crude had previously reached as much as $15 a barrel before Venezuelan President Nicolas Maduro was detained by U.S. forces.

Venezuela’s Merey crude has long been among the cheapest globally, with Asia — particularly China — as its main market, Bloomberg said.

On Jan. 15, the United States sold the first shipment of Venezuelan oil for $500 million. According to Semafor, the proceeds are held in several bank accounts controlled by the U.S. administration.

The buyer was Vitol. The company’s senior trader John Addison has donated about $6 million to political committees supporting U.S. President Donald Trump, according to earlier disclosures.

Bloomberg previously reported that Vitol Group and Trafigura Group were in talks with Indian and Chinese refiners about potential sales of Venezuelan crude.

On Jan. 20, U.S. Treasury Secretary Scott Bessent said China no longer has access to Venezuelan oil.