Valero Energy plans to import up to 6.5 million barrels of Venezuelan crude in March, making it the top foreign refiner of the OPEC country's oil since the United States captured President Nicolas Maduro in January, sources told Reuters.

If Valero secures 10 or more cargoes next month, equivalent to around 210,000 barrels per day, it could surpass U.S. oil major Chevron as the top U.S. refiner of Venezuelan crude. This would mark the largest Venezuelan crude volume Valero has processed since the United States first sanctioned the country's oil industry in January 2019.

The refiner has negotiated some cargoes from trading houses including Trafigura, which were the first companies authorized by the U.S. government last month to join Chevron in trading Venezuelan oil. Valero, which has the second-largest U.S. refining network capable of processing Venezuelan heavy oil, had a long-term supply agreement to buy crude from PDVSA before U.S. sanctions.