Commodities trader Vitol is set to load the first cargo of naphtha — a key diluent — from the U.S. to Venezuela this weekend under a new oil supply agreement with the U.S. government.
Vitol has chartered the vessel Hellespont Protector to load roughly 460,000 barrels of naphtha in Houston, Texas.
Naphtha is used to thin Venezuela’s extra-heavy crude oil, making it easier to move through pipelines and process at refineries.
Supplying diluent is crucial for restoring Venezuela’s oil output after recent disruptions.