Argus launches first post-sanctions prices for Venezuelan crude

The assessments bring new transparency to the price of Venezuelan crude after the country’s oil markets reopened to US buyers

HOUSTON, Feb. 10, 2026 /PRNewswire/ — Global energy and commodity price reporting agency Argus yesterday launched the first assessed prices for Venezuelan crude since the reopening of the country’s oil market and the lifting of western sanctions on Caracas.

The new assessments are for the price of Venezuelan crude at the US Gulf coast, where much of the oil will be delivered. The three crudes assessed — Merey, Hamaca and Boscan — are based on cargoes delivered by Aframax tankers to refineries and terminals in that region.

Venezuelan crude began to re-enter the US market in bigger volumes last month after the US government lifted sanctions on the country’s oil sales. Once as high as 2mn b/d in the 1990s, Venezuelan crude exports had fallen to 700,000 b/d, but are expected to rise to as much as 1mn b/d by the end of this year. China was the biggest consumer of Venezuelan oil last year, accounting for 430,000 b/d. But with sanctions removed, more Venezuelan crude is likely to move to the US Gulf coast market, where it will compete with heavy grades supplied from Canada. 

Argus has been assessing Merey delivered to the Chinese market since 2023, giving it unparalleled understanding of Merey refining economics.

Argus crude oil price assessments are the mainstay of the US Gulf coast crude market, settling a large and complex web of physical and derivative contracts. Argus WTI Houston and Argus WCS Houston are the most liquid coastal benchmarks in the world for sweet and sour crudes, underpinned by 1.2mn b/d and 500,000 b/d of physical spot trade, respectively. 

Argus Media chairman and chief executive Adrian Binks said: “Markets change quickly and Argus aims to respond promptly. We have worked with the industry to develop these new price assessments for three grades of Venezuelan crude delivered to the US and we expect that they will provide much-needed transparency as trade develops in the region.”

Argus contact information 

London: Seana Lanigan
+44 20 7780 4200
Email Seana

Houston: Jessica Tran
+1 713 968 0000
Email Jessica

Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko

About Argus Media

Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets.

Headquartered in London with nearly 1,500 staff, Argus is an independent media organisation with 30 offices in the world’s principal commodity trading hubs.

Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and for long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy.

Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders and global growth equity firm General Atlantic.

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SOURCE Argus Media