U.S. refiners and oil producers are increasing their share of Venezuela crude by signing direct contracts with PDVSA, taking business away from global traders that dealt earlier with interim President Delcy Rodriguez. The shift suggests tighter counterparty leverage for PDVSA and potential re-routing of supplies that could affect trade flows and pricing for crude-linked contracts.
U.S. refiners and oil producers are increasing their share of Venezuela crude by signing direct contracts with PDVSA, taking business away from global traders that dealt earlier with interim President Delcy Rodriguez. The shift suggests tighter counterparty leverage for PDVSA and potential re-routing of supplies that could affect trade flows and pricing for crude-linked contracts.
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mildly negative
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