Quick overview

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Traders are sending Venezuelan oil to Israel as the Latin American nation’s exports become more accessible after its president, Nicolas Maduro, was captured.

According to people with knowledge of the deal, who asked not to be named because the information is confidential, the oil is being transported to Bazan Group, the leading crude processor in the Mediterranean.

Once Maduro was captured at the beginning of the year, the Trump administration tapped traders to handle the initial sales and declared it would take over Venezuela’s oil sales indefinitely.

Miguel Pérez Pirela, Venezuela’s minister of information, stated that the nation sells its crude oil through commodities traders and does not control the buyer or the location of the sale; in this instance, it did not sell barrels to Israel directly.

Israel doesn’t disclose the source of its crude oil, and tankers have occasionally vanished, so he called the report that Venezuela was sending oil to Israel “FAKE!” in a post on X. According to Kpler data, when the cargo arrives, it will be the first shipment of its kind since Israel took roughly 470,000 barrels in mid-2020.

Oil Refineries Ltd., another name for Bazan, chose not to respond. Regarding the source of Israel’s crude, the energy ministry declined to comment. The agreement is the most recent indication of how Venezuela’s oil flows are being redirected following the overthrow of President Maduro.

A large portion of the nation’s production was sold in China up until that point. Cargoes have been sold to buyers in the US, Spain, India, and now Israel during the past month.