Venezuela’s PDVSA is offering to sell up to 1mn bbls of Corocoro crude through an intermediary according to Reuters reports.

• It could become the first sale of that grade in two years.
• The Corocoro oil field operates Petrosucre, a joint venture owned by PDVSA and Eni.
• Sale of the grade is likely a further signal of softening sanctions freeing up Venezuela’s oil exports after the US eased restrictions last month.