Global commodities trader Trafigura Group has signaled its intent to resume buying Venezuelan crude oil, as the industry watches closely following major geopolitical shifts in the country’s oil sector. Trafigura’s interest comes as discussions take place with the United States government over how international energy firms and trading houses might re-enter Venezuelan markets.
Trafigura, one of the world’s largest independent oil traders, moving millions of barrels of crude daily, said it wants to buy crude from Venezuela, but stressed that significant challenges remain. Company officials and industry sources have warned that rebuilding and reopening Venezuela’s oil industry will require years and substantial investment, with some estimates suggesting it could take more than a decade for full recovery.
The background to Trafigura’s move stems from recent political developments in Venezuela. After U.S. forces ousted former President Nicolás Maduro in early January 2026, the U.S. has signaled a strategic shift to integrate Venezuelan crude into global markets, including potential sales to U.S. refiners. This has sparked what some industry executives describe as a “gold rush” among oil traders looking for opportunities in the country with the world’s largest proven oil reserves.
In televised remarks, Ben Luckock, Trafigura’s global head of oil, said that the company and others in the sector are exploring what business opportunities might exist in Venezuela. He emphasized that a “proper legal framework” would be necessary before formal contracts and investments could move forward, noting ongoing discussions with the U.S. administration and other governments about regulatory requirements and operating conditions.
Historically, traders like Trafigura and others purchased Venezuelan crude through intermediaries and permits issued by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) under sanctions. Before the recent political change, Chevron was the only Western supermajor authorized to operate and export Venezuelan oil to the United States. Now, easing restrictions and the U.S. push to revive production have opened the door for other participants.
Analysts note that Venezuela’s oil infrastructure has suffered decades of underinvestment and neglect, with geopolitical friction and sanctions contributing to a dramatic production decline from its long-standing highs. Trafigura and peers will need to weigh the logistical costs of revitalizing infrastructure, complex negotiations over permits and legal frameworks, and the broader global oil market context before substantial volumes of Venezuelan crude are again traded at scale.
Trafigura’s interest also reflects a broader trend of global traders positioning themselves for access to Venezuelan resources as Western companies eye a return. Discussions with the U.S. government are seen as key to unlocking such opportunities, as political backing and clear sanctions relief guidelines are considered essential prerequisites for engaging in Venezuela’s energy sector.
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