Venezuela resumes direct oil shipments to China despite U.S. sanctions


The first tanker to resume transport of Venezuelan crude directly to China was the Kyoto, identified by shipping monitoring service TankerTrackers.com while loading 1.8 million barrels of heavy crude at Venezuela's Jose port in late August. (File pi shows oil production in Venuzuela. - Reuters)

Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA).

Chinese state companies China National Petroleum Corp (CNPC) and PetroChina - long among PDVSA's top customers - stopped loading crude and fuel at Venezuelan ports in August 2019 after Washington extended its sanctions on PDVSA to include any companies trading with the Venezuelan state firm. https://reut.rs/36ZyATv

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

oil , Venezuela , US , sanctions , China , Malaysia ,

   

Next In Business News

AirAsia can withstand rising oil prices, says Fernandes
China Ouhua uncertain on land transfer completion
Positive outlook for Dnex
Haleon posts tepid quarterly result
Britain’s Next keeps profit guidance after 1Q sales rise
Huawei’s consumer CEO Richard Yu shifts role
More Fed officials ready to say goodbye to low-rate world
China travel surges for May holiday but consumers remain wary
Dollar near five-month highs ahead of Fed policy decision
Crypto washout sends bitcoin below US$58,000 into bear market

Others Also Read