Who is the main supplier of crude oil to Valero?

Question

I have been advised the crude is supplied by Venezuela. Is this correct?

Answer 1

No one. Valero's supplier base is diviercified:

[Quote]

Approximately 65% of our current crude oil feedstock requirements are purchased through term contracts while the remaining requirements are generally purchased on the spot market. Our term supply agreements include arrangements to purchase feedstocks at market-related prices directly or indirectly from various foreign national oil companies (including feedstocks originating in Saudi Arabia, Mexico, Iraq, Kuwait, Venezuela, Ecuador and Africa) as well as international and domestic oil companies. About 75% of these crude oil feedstocks are imported from foreign sources and about 25% are domestic. In the event we become unable to purchase crude oil from any one of these sources, we believe that adequate alternative supplies of crude oil would be available.

[End of quote]

Answer 2

Yes Venezuela has oil and sells it on the open market to any one that wants to buy it. Companies contract a certain amount of oil from a supplietr for a certain length of timee and they may buy from several different sources at the same time. Oil has many uses and many grades of oil so companies buy the grade they need for different products. Very few use one nation as their supplier.

Answer 3

not a clue