Vitol Group buys Mexican oil for first time in a decade
Updated
Updated · Bloomberg · May 6
Vitol Group buys Mexican oil for first time in a decade
6 articles · Updated · Bloomberg · May 6
The tanker Eurovision was loading Pemex crude on Wednesday at a terminal off Mexico’s coast, with the cargo likely headed to Europe.
The purchase marks a shift in sourcing as war in the Middle East disrupts crude flows and global supply chains.
Vitol, the world’s largest independent energy trader, owns refining assets in several European countries, making Mexican barrels a potential substitute for disrupted supplies.
The Mideast conflict has crippled oil supplies. Can this new Mexico-Europe route truly prevent a widespread energy crisis?
Vitol lost millions on war bets. Is its pivot to Mexican oil a savvy recovery or another high-stakes gamble?