AI Summary

Global refiners are shifting their purchasing strategy for Venezuelan crude oil, opting to buy directly from state-run Petróleos de Venezuela, S.A. (PDVSA) rather than through traditional oil traders. This move is allowing refiners to gain a larger share of the Venezuelan crude market, bypassing the middlemen who previously dominated the space. As a result, commodity traders are losing their influence in the Venezuelan crude trade. The shift in purchasing strategy highlights the changing dynamics of the global oil market, with refiners seeking to establish direct relationships with major oil-producing firms like PDVSA.

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