Vitol Is Turning to Mexico for Oil as War Disrupts Crude Market
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Vitol Group is buying Mexican oil for the first time in a decade as the conflict in the Middle East roils global supply chains.
The oil tanker Eurovision, booked by Vitol, was loading Wednesday at a terminal off the Mexican coast, according to a document seen by Bloomberg. The crude was supplied by Petroleos Mexicanos and probably is bound for Europe, where the world’s largest independent energy trader owns refining assets in several countries.
Vitol and Pemex didn’t immediately respond to requests comment. Pemex has a longstanding policy of not selling oil to traders but makes exceptions when the buyer also owns refining assets.
The Eurovision was loading about 827,000 barrels of light, sour Olmeca crude and 200,000 barrels of heavy, sour Maya oil, the document showed.
The Iran war, entering its third month, has sent prices for crude and oil-derived products soaring as more than a thousand ships remain stranded in the Persian Gulf due to the near-closure of the Strait of Hormuz.
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