US refiners struggle to absorb sudden surge in Venezuelan oil imports [Yahoo! Finance Canada]
Phillips 66 (PSX)
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Source: Yahoo! Finance Canada
HOUSTON/NEW YORK, Feb 3 (Reuters) - Oil refiners on the U.S. Gulf Coast are struggling to absorb a rapid surge in Venezuelan crude shipments since last month's flagship $2 billion supply deal between Caracas and Washington, pressuring prices and leaving some volumes unsold, according to traders and shipping data. The soft U.S. demand represents ?an early obstacle for President Donald Trump's hopes of sending the majority of the South American country's oil to the United States since U.S. forces captured Venezuela's President Nicolas Maduro ?last month in a raid in Caracas. Trading houses Vitol and Trafigura were granted U.S. licenses to market and sell millions of barrels of Venezuelan oil following the U.S. operation and a subsequent supply agreement with interim President Delcy Rodriguez. The trading houses, ?which joined energy major Chevron in holding approval to export Venezuelan oil, struck several early deals to sell some cargoes to refiners in the U.S. and Europe. Howev
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PSX
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- 10/29/25 - Beat
PSX
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- 1/20/26 - Form 4
- 1/20/26 - Form 4
- 1/20/26 - Form 4
- PSX's page on the SEC website