Vitol Hires a Former Chevron Executive to Lead Its Expansion in Venezuela and Compete for PDVSA's Market Share

According to an exclusive report by Reuters, Vitol, one of the world’s largest commodity trading firms based in Geneva, has begun logistical preparations to establish a permanent headquarters in Caracas.

This move reflects the expanding role that international trading corporations have assumed in marketing OPEC’s surplus crude oil, under the historic agreement signed this year between the United States and Venezuela.

Under the supervision of President Donald Trump’s administration, Vitol and Trafigura have accounted for the largest share of Petróleos de Venezuela (PDVSA)’s foreign sales.

This commercial restructuring has achieved a key geopolitical objective for the West: to wrest control of the supply from China—the destination to which Venezuelan shipments historically sailed due to the previous sanctions regime—and to now redirect the flow toward U.S., European, and Caribbean ports.

An expanded agreement and the recruitment of industry veterans

The initial cooperation framework, established in January 2026, provided for an export volume of up to 50 million barrels, equivalent to $2 billion. However, official sources confirmed that the logistics agreement expanded rapidly to exceed 100 million barrels.

Although foreign direct investment for the physical restoration of the wells is proceeding at a more leisurely pace through non-binding letters of intent, trading operators are moving forward aggressively. Vitol’s new office in the Venezuelan capital will begin operations with a dozen specialists negotiating oil derivatives.

Vitol’s business unit will be headed by Mario Pantoja, an industry veteran with 35 years of experience at Chevron, where he most recently served as manager of the marketing division for crude oil in Venezuela.

Vitol’s head for Latin America, Henry Medina, reaffirmed the company’s vision in an email statement sent to Reuters: “For many years, Vitol has had a strong relationship with PDVSA. We hope to build on this foundation and develop additional partnerships in Venezuela, as well as establish a significant presence in the country."

Rising Competition for Control of the Supply Chain

Vitol’s positioning shakes up the commercial landscape where Chevron previously held a certain operational dominance.

The U.S. multinational, which had enjoyed contractual advantages since late 2022, is now competing head-to-head for market share with Vitol and Trafigura—the latter of which already has operational offices in the Venezuelan capital and technical support from Montevideo, Uruguay.

At the same time, U.S. and Indian refiners have begun acquiring shipments directly from PDVSA terminals, diversifying traditional distribution channels.

According to official statistics reported to OPEC, Venezuelan production averaged 1.18 million barrels per day during the month of May, with institutional projections indicating that production will close out 2026 in the range of 1.37 million barrels per day.

The importance of international brokerage firms is evident in the June export figures, where these corporations directly handled 64% of the 1.2 million barrels per day sold by Venezuela.