Phillips 66 becomes 3rd-largest buyer of Venezuelan crude amid Trump pressure on Exxon and Chevron.

Phillips 66 announced it is now the world's third-largest buyer of Venezuelan crude oil, expanding its fleet and benefiting from Jones Act waivers issued by the Trump administration. This move is part of a strategy to secure discounted heavy crude grades while Trump criticizes rivals Exxon and Chevron for high profits amid rising oil prices due to the Iran war. Phillips 66's fleet has grown fourfold in two years, supporting 40% of its crude demand. Despite a recent stock dip, the company's shares have risen 57% this year, reflecting strong quarterly profits of $3.8 billion, boosted by high gas prices and market conditions.