US sanctions on the Venezuelan oil industry are prompting the country’s refiners to seek alternative sources of crude from Gulf of Mexico producers. The United States has imposed a series of economic penalties against Venezuela in recent years, including an embargo and travel ban that have cut off imports for many years. Marathon Petroleum and Valero Energy have led those buying Mars, though the former said it had been transitioning away from Venezuelan crude already and that it only contributed minimally to its daily oil purchases.
US sanctions on the Venezuelan oil industry are prompting the country’s refiners to seek alternative sources of crude from Gulf of Mexico producers. Sour medium oil from the Mars platform operated by Shell and BP has notably benefited, with prices reaching their highest in five years following the sanctions and tighter medium-heavy supplies. Marathon Petroleum and Valero Energy have led those buying Mars, though the former said it had been transitioning away from Venezuelan crude already and that it only contributed minimally to its daily oil purchases.