US naphtha has begun arriving in Venezuelan waters, marking an early and telling step in efforts to restart the country’s long-crippled heavy oil production. Ship tracking data showed a tanker chartered by Vitol reaching Venezuelan waters with the first naphtha cargo tied to a new oil deal between Washington and Caracas. The shipment follows a flagship agreement struck earlier this month after the removal of Nicolás Maduro, allowing Venezuela to sell up to 50 million barrels of crude currently in storage under a $2 billion supply framework.…
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