Gunvor’s Venezuela Oil Pitch Signals More US-Bound Cargoes (1)

Gunvor Group Ltd. offered a supertanker of Venezuelan oil to US refiners in the first such post-sanctions foray by a major commodity-trading house.

No deal has been struck for the 2 million barrels of heavy, sour Merey 16 crude marketed by Gunvor for November delivery, according to people with knowledge of the situation who asked not to be identified discussing private information.

Gunvor is the first major trading house to market Venezuelan crude since US President Joe Biden’s administration relaxed long-standing sanctions aimed at isolating the Latin American nation. Oil supermajor Chevron Corp. was the sole exception to the ...