Sources familiar with the transaction said that Saudi Aramco’s U.S. Trading division purchased a cargo?of Venezuelan Boscan heavy crude for delivery in March, marking its first purchase of this heavy crude suitable for asphalt production.

One source said that the cargo was sold to Saudi Aramco by U.S. energy giant Chevron. Aramco acquired Motiva Trading in 2023 and became the sole ?supplier of Motiva Enterprises, which owns the 640,500-barrel-per-day refinery in Port Arthur, Texas, the largest ?in the United States.

Aramco Trading America also made its first Venezuelan crude oil purchase. Data from the Energy Information Administration revealed that Motiva purchased another grade of Venezuelan crude oil in 2019. This was before the U.S. imposed sanctions on Venezuela's energy sector.

Chevron has increased its?exports under a U.S. individual license obtained last year, and also a general license issued by the U.S. Treasury Department late January. This license broadly authorizes the oil exports out of the U.S. sanctioned South American nation. Trafigura, Vitol and other trading houses are now?exporting Venezuelan crude oil. This follows U.S. licensing granted last month in connection with a $2 billion agreement between Caracas & Washington for the export of up to 50 million barrels.

All sources spoke under the condition of anonymity. ?Motiva didn't immediately respond to an inquiry for comment. Since the U.S.-Venezuela pact was signed, other U.S. oil refiners have purchased Venezuelan oil cargoes.

According to data from tanker monitoring, Venezuelan crude exports to the U.S. increased in January to?284,000 bpd compared to?99,000 in December. Reporting by Nicole Jao, New York; Georgina McCartney and Arathy Sommesekhar in Houston; and Matthew Lewis and Chris Reese in editing.

(source: Reuters)