Home / Business and Economy / Marathon Petroleum Buys Venezuelan Crude
Marathon Petroleum Buys Venezuelan Crude
4 Feb
Summary
- Marathon Petroleum purchased two Venezuelan crude oil cargoes recently.
- Refineries are preparing to process more heavy and sour crude grades.
- Other US refiners like Valero and Phillips 66 also bought Venezuelan oil.
Marathon Petroleum recently purchased two cargoes of Venezuelan crude oil near the end of January. Company executives indicated that their refineries are poised to process a greater volume of heavy crude grades moving forward.
This strategic pivot aligns with broader industry expectations that U.S. refiners will see significant benefits. Efforts are underway to boost Venezuela's oil production and revitalize its infrastructure. The Garyville refinery, among others, possesses the capability to quickly adapt to processing Venezuelan crude.
Other U.S. Gulf Coast refiners, such as Valero Energy and Phillips 66, have also engaged in purchasing Venezuelan crude. These acquisitions are part of an agreement allowing for exports of up to 50 million barrels. The current market signals a leaning towards a heavier and more sour crude slate, a trend Marathon Petroleum is actively embracing.
