The first U.S.-brokered sale of Venezuelan crude under President Donald Trump's new energy plan went to Vitol, a global oil trading firm whose senior U.S.-based trader has been a major donor to Trump's re-election campaign, people familiar with the transaction and public records told the Financial Times.
John Addison, a senior trader at Vitol, was involved in securing a roughly $250 million deal for Venezuelan oil. Addison donated about $6 million to political action committees backing Trump's 2024 re-election effort, including $5 million to Maga Inc in October, according to OpenSecrets.
Addison also attended a White House meeting with Trump last week alongside Ben Marshall, head of Vitol's U.S. operations, making Vitol the only company represented by two senior executives at the talks, as The Financial Times reports.
At that meeting, Addison told Trump that Vitol would aim to secure the best possible price for Venezuelan crude, adding that Trump's "influence... over the Venezuelans will ensure that you get what you want," according to people briefed on the exchange. Vitol said Addison's political donations were made in a personal capacity.
The transaction marked the start of Trump's plan to sell between 30 million and 50 million barrels of Venezuelan oil, following the Jan. 3 capture of Nicolás Maduro by U.S. forces. The White House has said proceeds from the sales will be held in accounts controlled by Washington and that the U.S. intends to oversee Venezuela's oil industry "indefinitely."
White House spokesperson Taylor Rogers said Trump "always does what is in the best interest of the American people," calling the deal a "historic energy agreement" and dismissing questions about conflicts of interest.
Another trading house, Trafigura, also purchased about $250 million worth of Venezuelan crude, according to two people familiar with the deals. A Department of Energy official said Vitol and Trafigura were chosen because they were "willing and able to move the initial transactions expeditiously," adding that more sales were expected in the coming weeks.
Energy Secretary Chris Wright said on Thursday that the U.S. has been able to sell Venezuelan oil at prices about 30% higher than those achieved by the Maduro government weeks earlier, after years of sanctions forced Caracas to sell at steep discounts, largely to buyers in China.
The first shipment of crude purchased by Vitol and Trafigura has arrived at the Bullen Bay oil terminal in Curaçao, Prime Minister Gilmar Pisas said, noting the site would serve as a regional storage and distribution hub.
Originally published on Latin Times
