Economics
Venezuela Oil from U.S.-Sanctioned Regime Lines Up Off China
- About 3.3 million barrels now offshore, more to come: Kpler
- Vessels rarely move directly from Venezuela; transfers common
An idled oil pumping unit in Cabimas,Venezuela.
Photographer: Ana Maria Otero Borjas/BloombergThis article is for subscribers only.
Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia.
Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including Petróleos de Venezuela, S.A. Information from data intelligence firm Kpler, however, signals the Asian nation is still buying, with as much as 3.3 million barrels waiting off the Chinese coast as of June 15 and another 5 million en route to the port of Qingdao. It remains unclear, however, if all of these shipments will eventually end up in China.