BP Plc started trading Venezuelan crude oil after U.S. sanctions were lifted.
The British company now competes directly with established trading houses Trafigura Group and Vitol Group.
BP’s market entry is expected to intensify competition for Venezuelan oil cargoes.
Shell, Chevron, and Eni have also returned to tap the nation's oil and gas reserves.
Recent shifts in U.S. policy opened the door for these new foreign investments.