Vance vouched for Addison before Vitol and Trafigura secured Venezuelan oil sales permits
Reuters reported that JD Vance’s endorsement of Vitol senior trader Addison as trustworthy helped pave the way for a Jan. 5 call from Wright. Within days, Vitol and rival Trafigura received special licenses to sell Venezuelan oil, marking a key step toward Vitol securing one of the administration’s most coveted energy licenses.
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Addison told Reuters he expected a market update, but the call took a different turn. An unnamed U.S. official confirmed Vance had vouched for him at least a year earlier. The Department of Energy said Vance and Wright never discussed the sales, and chose Vitol because it is the world’s largest energy and commodity trader.
Tom Seng, an energy finance expert, estimated traders made $3 to $3.50 in profit per barrel, a roughly 3.5% to 4% margin. Reuters said that estimate, along with U.S. government data showing Venezuela had exported more than 200 million barrels so far this year, pointed to hundreds of millions of dollars in profit.
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