Vitol Group's Strategic Move on Venezuelan Oil

Vitol Group, a major player in the global oil market, is engaging in strategic pricing by offering Venezuelan oil cargoes to Chinese buyers. The offered discount is approximately $5 per barrel compared to ICE Brent prices. This move is reported by Bloomberg News.

Vitol Group, an influential entity in the oil industry, is reportedly offering Venezuelan oil cargoes to Chinese consumers at a discount, Bloomberg News has disclosed.

The markdown is approximately $5 per barrel against the standard ICE Brent benchmark, signaling a calculated business strategy.

This offer could potentially reshape trading dynamics, considering the ongoing global fluctuations in energy pricing.

(With inputs from agencies.)