First Venezuelan oil shipment heading to China after US sanctions relief, according to Bloomberg

A company backed by US energy magnate Harry Sargeant III has moved to export Venezuelan crude to Asia as US sanctions ease, while oil prices soar near $100 a barrel amid growing instability in the Middle East. By Bloomberg North [...]

First Venezuelan oil shipment heading to China after US sanctions relief, according to Bloomberg

TL;DR

  • North American Blue Energy Partners Inc. is loading almost a million barrels of Venezuelan crude destined for China.
  • This shipment could be the first Venezuelan oil export to China since the US took control of the nation's oil sales.
  • The US administration is easing sanctions on Venezuela, allowing more traders and refiners to buy oil directly from PDVSA.
  • Venezuelan heavy crude could substitute for Iraqi heavy crude impacted by the Iran conflict.
  • The shipment of 950,000 barrels of Merey 16 crude is being loaded onto the tanker Skage, bound for Qingdao, China.

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