Global commodities traders, Vitol and Trafigura, have begun talks with refiners in India and China over the sale of Venezuelan crude oil, with deliveries expected in March, according to trade sources.

A Reuters report stated that the traders confirmed on Friday that they had reached agreements with the United States government to help market Venezuelan oil stranded by sanctions, days after the interim government in Caracas approved the export of up to 50 million barrels of crude to the US.

The development is expected to accelerate the sale of Venezuelan crude under a US-backed programme, paving the way for the OPEC producer to resume exports after months of disruption.

The report noted that Vitol and Trafigura are scrambling to secure vessels as they move swiftly to place the cargoes. Trafigura disclosed that it would load its first Venezuelan oil cargo for the US this week.

Vitol is said to be in talks with Indian state-owned refiners, offering cargoes at discounts of between $8 and $8.50 per barrel to ICE Brent on a delivered basis.

Indian Oil Corporation and Hindustan Petroleum Corporation are among the refiners that would consider buying Venezuelan crude, sources told Reuters last week. Reliance Industries also said it could resume purchases if sales to non-US buyers are permitted under US regulations.

In China, Vitol and Trafigura have reportedly approached PetroChina to gauge interest. The state-owned refiner was previously a major buyer of Venezuela’s heavy sour Merey crude and fuel oil before US sanctions were imposed.

Trafigura said it was providing logistical and marketing support to facilitate the oil sales but declined to comment on the discussions. Another source said both firms are offering cargoes for delivery in the second half of March.

Shipping data firm Kpler reported that Vitol on Sunday loaded its first naphtha cargo from the US to Venezuela aboard the Panamax-sized Hellespont Protector, which is expected to arrive at the Port of Jose on January 28. Naphtha is used to dilute Venezuela’s heavy crude, making it easier to transport and process.

The planned resumption of Venezuelan oil exports has eased fears of possible supply disruptions from Iran, helping to cap gains in global oil prices. As of Monday evening, Brent crude was trading at $63.42 per barrel.