The renewed interest of US refiners in buying oil directly from PDVSA, Venezuela's state oil and gas company, coincides with the energy boom in its neighboring countries. In particular the oil projects and gas plans of Guyana, Suriname and Trinidad and Tobago.
First modification: 02/19/2026 - 03:28
At the same time that Washington adjusts its sanctions policy towards the interim government headed by Delcy Rodríguez, United States refineries are seeking to acquire Venezuelan crude oil without intermediaries, according to sources close to the case cited by the Reuters agency.
This information comes as the energy front related to oil and gas is reconfigured not only in Venezuela, but also in neighboring Caribbean countries: Guyana, Suriname and Trinidad and Tobago accelerate strategic projects in partnership with the main US companies in the sector.
Venezuelan oil: access without intermediaries?
US refineries such as Phillips 66 and Citgo Petroleum seek to buy heavy crude oil directly from PDVSA starting in April with the aim of maximizing margins and reducing dependence on intermediaries such as Vitol, Trafigura or even Chevron, which already operated under previous licenses granted by Washington under the sanctions regime against Caracas.
The issuance of a general license by the Donald Trump Government at the end of January expanded the framework for oil exports from Venezuela. According to US officials cited by Reuters, trade could climb to $5 billion in the coming months.
Read alsoVenezuela pleads for a "good faith negotiation" with Guyana over its disputed territory
Phillips 66, with refineries on the Gulf Coast, a geographical area in the extreme south of the United States, capable of processing heavy crude oil, manages internal approvals to charter vessels and load directly into Venezuelan terminals. In February, the company acquired Merey crude oil, the main exported by Venezuela, with discounts close to 9 dollars per barrel compared to Brent. The marketers, for their part, have offered shipments with discounts of up to $10, and even higher in the first operations after the flexibility.
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Citgo, an oil refiner and distributor historically linked to Venezuela, is seeking to receive deliveries on the Gulf coast, although it faces the logistical challenge of the limited number of PDVSA vessels. Other refiners, such as Valero Energy, are evaluating direct purchases later this year.
However, the reopening is not without obstacles. PDVSA requires individual licenses or specific authorizations from the US Office of Foreign Assets Control (OFAC), and several US banks maintain reserves to finance operations linked to a country that remains under sanctions.
Guyana and Suriname: the new energy hub of the Caribbean
While negotiations continue for US access to Venezuelan oil, Guyana consolidates its position as a rising star in global crude oil. The Uaru and Whiptail offshore projects of the consortium led by Exxon Mobil are advancing faster than planned and under budget, according to executives from the Exxon Guyana subsidiary.
Since 2015, when ExxonMobil announced the discovery of the Liza-1 field in the Stabroek block, Guyana began an unprecedented oil boom with commercial production, together with neighboring Suriname. Together, both countries today concentrate one of the most dynamic new energy poles in the world, with recent schedules, large reserves and competitive costs that attract large oil companies, while Venezuela awaits a possible colossal investment to reestablish its industry.
The Uaru project, scheduled to begin production this year, and Whiptail, scheduled for 2027, will each add 250,000 barrels per day. The total production of the South American country could reach 1.15 million barrels per day with Uaru and 1.4 million with Whiptail, figures that structurally transform its economy.
Read alsoExxonMobil promises to advance Guyana's gas development
The idea of an “energy corridor” integrating Guyana, Suriname, French Guiana and Brazil is once again gaining momentum. If it comes to fruition, it would consolidate an alternative Atlantic energy axis to the historical Venezuelan predominance.
Was there a new Trinidadian agreement 2.0?
For its part, Trinidad and Tobago observes the new Venezuelan context pragmatically. The Ministry of Energy of the Caribbean country stated on Wednesday that the Government of Trinidad and Tobago is optimistic about the progress of two large offshore gas projects with neighboring Venezuela, which will be operated by Shell, BP and the state-owned National Gas Company, amid political changes in the OPEC member country.
Read alsoThese countries logistically support the United States operation in the Caribbean
Venezuela's energy projects with Trinidad were suspended last year at the request of Caracas, following a political confrontation arising from the Venezuelan accusation that that nation was collaborating with the United States to overthrow Nicolás Maduro. Planning for these projects has continued to face delays, despite US Energy Secretary Chris Wright's favorable view of their development.
Trinidad is also seeking oil supplies in the region for the possible reopening of the Pointe-à-Pierre refinery, which is expected to process up to 150,000 barrels a day of crude oil, Trinidadian Energy Minister Roodal Moonilal said during a conference in Georgetown, Guyana's capital.
Read alsoMaduro provisionally suspends energy agreements with Trinidad and Tobago
Behind these movements lies a strategic reality: the Caribbean once again becomes a key piece of the energy board. For Washington, although US refineries continue to seek direct access to Venezuelan crude oil, the countries neighboring Caracas form new partners for Washington, with alternative energy options.
With Reuters
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