U.S. Refiners Secure Direct Contracts with Venezuela's PDVSA Amid Sanctions
U.S. refiners and oil-producing firms are increasingly securing direct contracts with Venezuela's state-run PDVSA, challenging global traders who previously dominated the market. This shift comes as PDVSA returns to a pre-sanctions business model, prioritizing supply contracts with joint-venture partners and refineries. Companies like Phillips 66 and India's Reliance Industries have begun purchasing crude directly from PDVSA, marking a significant change from the past when U.S. sanctions limited Venezuela's oil exports. The move aims to secure better prices and long-term deals for PDVSA, while U.S. refiners seek to diversify their supply sources amid geopolitical tensions. 
