Geneva-based trader Vitol is preparing to open a Caracas office to expand its
role in Venezuelan oil exports following the U.S.-Venezuela oil pact reached
earlier this year, sources said. Vitol and other traders have exported most of
Venezuela’s output this year under agreements with state oil company PDVSA; the
Caracas office would initially hire about 12 staff for trading roles, a move
that signals confidence that the oil arrangement will continue and could create
additional commercial opportunities.
