JD Vance's ties to Vitol trader helped secure lucrative Venezuela oil deal after Maduro's capture: Report

A senior trader at global commodities giant Vitol leveraged his longstanding connections with US Vice President JD Vance to help secure a lucrative contract to market Venezuelan oil following the US military operation that removed President Nicolas Maduro in January, according to a Reuters investigation.

John Addison, a senior gasoline trader at Vitol and an early financial supporter of Vance, reportedly discussed Venezuela with the Vice President during a December 27 visit to Montana's exclusive Yellowstone Club.

According to Reuters, flight records showed Addison's private jet and Vance's aircraft at Bozeman Yellowstone International Airport on the same day.

A person familiar with the matter told Reuters that Vance had asked how quickly Venezuelan crude could be sold if Washington gained control of the country's oil supplies.

However, both Addison and Vance's office denied that the meeting occurred.

How Vitol secured the Venezuela contract

On January 5, two days after Maduro's removal, US Energy Secretary Chris Wright contacted Addison to discuss marketing Venezuelan crude.

"I thought that he was just going to call to get an update on the market," Addison told Reuters. "The phone call went a different way."

Addison acknowledged that Vance had previously described him to Wright as trustworthy. A US official confirmed the recommendation but said it occurred at least a year earlier.

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Within days, Vitol and rival Trafigura received special licences to sell Venezuelan oil.

The US Energy Department maintained that Vitol was selected because of its position as the world's largest energy and commodities trader. It denied that Vance and Wright discussed Venezuelan oil sales.

Hundreds of millions in potential profits

The contracts have generated substantial earnings opportunities for both trading firms.

Energy finance expert Tom Seng estimated that traders could earn between $3 and $3.50 per barrel, representing profit margins of approximately 3.5% to 4%.

With Venezuela exporting more than 200 million barrels this year, according to US government data cited by Reuters, the contracts could generate hundreds of millions of dollars in profits.

However, the companies have not disclosed their individual contract earnings.

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Political donations raise scrutiny

Federal Election Commission records showed Addison contributed $300,000 towards Vance's 2022 Senate campaign.

Addison and his wife subsequently donated $7 million to political action committees in 2024, including $5 million to support Donald Trump's presidential campaign.

Democratic lawmakers have questioned whether political connections influenced the contracts' allocation.

Representative Robert Garcia raised concerns about whether oil traders received advance warning of the Venezuela operation.

Both Vitol and Trafigura denied receiving advance knowledge of US military action.

The Trump administration defended bypassing competitive bidding, arguing that swift action was necessary to stabilise Venezuela's economy.

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