Vitol Eyes Venezuela Expansion as Oil Industry Returns

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Commodity trading firm Vitol plans to expand operations in Venezuela amid renewed interest in the country's oil resources. The move comes after the US-Venezuela deal enabling crude exports and agreements with other trading firms on oil sales, following political and legal developments involving Venezuela's leadership.

Commodity trading major Vitol is planning to establish a presence in Venezuela amid a surge in interest in the country’s oil wealth from the resources industry, Reuters has reported, citing unnamed sources. Vitol is already exporting Venezuelan crude, following the deal that Caracas struck with the United States after the latter ousted the country’s president, Nicolas Maduro, in January and took him to the U.S. to stand trial for drug trafficking. Soon after that happened, Vitol and Trafigura struck a deal with the White House to sell…