Phillips 66 said on its latest earnings call that it has become the world’s third-largest buyer of Venezuelan crude. The company indicated that a larger fleet and the use of Jones Act waivers helped it expand those purchases.
The disclosure comes at a tense moment for the energy sector. President Donald Trump has publicly criticized Exxon and Chevron, saying the oil giants are making too much money as the war involving Iran pushes crude prices higher.
Against that backdrop, Phillips 66’s growing role in Venezuelan crude stands out as a notable shift in global oil buying. The company’s comments suggest it has built a stronger position in sourcing those barrels even as politics, shipping rules and supply concerns continue to shape the market.
The contrast between Phillips 66’s buying strategy and Trump’s attacks on major producers underscores how quickly the oil story is evolving. With crude prices reacting to conflict and supply risk, investors and industry watchers are paying close attention to which companies are benefiting from changing trade flows.
