Vitol Group is reorganising its derivatives team in London following significant mark-to-market losses during the early days of the Iran conflict, according to sources. Some traders are expected to leave, whilst others will join physical trading teams focused on individual markets rather than centralised derivatives trading. Vitol's traders incurred large losses after being caught on the wrong side of surging prices at the conflict's start, particularly in jet fuel. Singapore jet fuel prices soared over 70% in the conflict's first week. Some positions were unwound whilst others remained, with traders since offsetting some losses. Despite the derivatives setback, Vitol reported profits for both March and the first quarter overall. The reorganisation currently affects only the London team and comes amid broader leadership changes, including CFO Jeff Dellapina's recent departure.

Venture Global and Vitol have signed a binding agreement for Vitol to purchase approximately 1.5 million tonnes per annum of US liquefied natural gas from Venture Global for five years starting in 2026. Venture Global CEO Mike Sabel said the deal reflects growing global demand for flexible US LNG and demonstrates the company's ability to provide short, medium and long-term supply. Pablo Galante Escobar, Global Head of LNG at Vitol, said the transaction expands Vitol's supply base to offer diverse energy sources to customers worldwide. Venture Global is now one of the largest LNG exporters in the US, having begun production in 2022. The company has over 100 million tonnes per annum of capacity across production, construction and development phases.

US companies operate in Venezuela. February 27, 2026 The oil industry shifts its landscape through geopolitical actions. After the arrest of the Venezuelan president Nicolás Maduro Moros, the U.S. government seized Venezuelan oil production and sites for refinery and energy services. The White House has publicly declared its intent to control Venezuelan oil sales as indefinite. Tens of millions of barrels of crude oil is planned to go into refining under the U.S. label. As of Jan.13, Venezuela has reopened wells and resumed exports under the Trump administration. Crude oil in the U.S. is different from crude oil inside of Venezuela.The U.S. crude is classified as "shale oil." Shale oil is light from lower sulfur content and is generally easier to refine. Venezuela's oil is extremely heavy and full of sulfur. Due to this it costs more to process and along with being more difficult to refine. This heavier oil often has to be diluted to be usable. During the 1950's the U.S. began importing oil from countries such as Canada, Mexico and Venezuela. These three countries mostly produce heavy crude oil. Because of this America started designing oil refineries based around heavy crude. Machines such as Cokers, Hydrocrackers and Desulfurization units are implemented to ensure the heavy oil is processed cleanly and efficiently. From 2008 to Feb. 2026, The U.S. entered a shale oil revolution. While this did produce more gasoline and less diesel, its refineries were not designed for this kind of oil, causing extreme inefficiencies. Now that heavy crude is being brought back into the U.S., refineries and oil companies are optimizing production for this oil. Companies such as Chevron, Vitol and Trafigura are competing for the U.S. license to sell and export Venezuelan oil. Chevron Is the Only U.S. oil major currently operating in Venezuela under special licensing. Chevron executives have been at the White House attending high level operatives talks about expanding actively and upscaling production. Chevron also owns a refinery specialized in heavy crude refining, importing from themselves would increase productions and profits from the imports and exports. Several other large companies own heavy oil refineries but no other has one and operates in Venezuela. Caesar Verata '26 said, "I think where the government currently stands, they'll do anything to economize regardless of how the public sees them. In terms of the stock market, it has potential to be very financially beneficial." Julio Chauee '26 said, "I think it's a good investment opportunity. I feel it's good for the future of our economy. Taking control of oil operations will be beneficial." Donate to The Cougar Press Contributed Your donation will support the student journalists of Ventura High School.