Blow to China From Venezuela Oil Loss Eased by Hoard at Sea
Oil storage tanks at a petrochemical production base on the outskirts of Shanghai, China.
Source: BloombergThe US’s shock intervention in Venezuela will likely choke oil flows to China, although the short-term impact will be softened by large volumes of sanctioned crude being stored at sea.
China is the major buyer of crude from the South American country, but that trade now looks in jeopardy after the seizure of Venezuelan leader Nicolas Maduro over the weekend. President Donald Trump said the US would run the country and American companies would rebuild its oil industry and sell a “large amount” to global buyers, including current customers and new ones, without specifically mentioning China.