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 the oil arrangement will continue and could create additional commercial opportunitie

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 the oil arrangement will continue and could create additional commercial opportunities.