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Michael Burry’s quiet bet on Venezuelan oil is coming back into focus.

The investor best known for “The Big Short” said he has owned Valero Energy

since 2020, a position he views as increasingly attractive as the U.S. moves toward a deeper role in reviving Venezuela’s oil industry.

“Realize that many Gulf Coast refineries were purpose-built for Venezuelan heavy crude,” Burry wrote in a Monday blog post on Substack. “So they have been running with suboptimal feedstock for years. This will, in time, produce better margins across jet fuel, asphalt, and diesel ... I have owned Valero since 2020, and I am more resolved to holding it even longer after this weekend.”