What is Vitol's reported plan regarding Venezuela, and what does it signal about the current U.S.-Venezuela oil agreement?

Vitol is making early preparations to open an office in Caracas, with plans to initially employ about a dozen people in trading-related roles—signaling confidence in the continuation of the U.S.-Venezuela oil export pact agreed earlier this year. The move follows Vitol’s participation in an initial $2 billion oil supply agreement (for up to 50 million barrels) signed in January with Trafigura and PDVSA, later expanded to over 100 million barrels, all under oversight by the Trump administration. As stated by Vitol’s head of Latin America, Henry Medina, the company aims to build on its long-standing relationship with PDVSA and develop ‘additional partnerships’ and ‘a meaningful presence’ in Venezuela.

Who is expected to lead Vitol’s new Venezuela unit, and what is notable about his background?

Mario Pantoja is expected to lead Vitol’s new Venezuela unit; he worked for Chevron for 35 years and most recently managed Chevron’s oil marketing business in Venezuela. His appointment underscores Vitol’s strategic intent to leverage deep local expertise amid intensifying competition with Chevron and Trafigura for market share and oilfield expansion opportunities in the country.

Vitol moves to expand, open office in Venezuela, sources say

Jul 7, 2026

Vitol plans to open an office in Venezuela as global traders expand their role in the country's oil exports under a new US-Venezuela pact. The move follows expanded supply deals exceeding 100 million barrels, signaling confidence in continued trade despite slower foreign investment.

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