(Bloomberg) -- The rollback of American sanctions on Venezuelan oil could rob Chinese buyers of one of their cheapest sources of crude.Most Read from...
-- The rollback of American sanctions on Venezuelan oil could rob Chinese buyers of one of their cheapest sources of crude.QQQ Advances in Late Trading as Tesla Rebounds: Markets Wrap
Although the adjustment will take time, it’s likely that the easing of restrictions will lead to the return of customers in India and the US, which were big buyers from Venezuela before sanctions were imposed, the traders said. More competition for Venezuelan barrels should raise prices, including for Merey, the most popular grade among China’s independent refiners.
The independent refiners, known as teapots, clustered mostly in Shandong province have been among the most resilient buyers of Venezuelan oil since sanctions were imposed in 2019. The Merey variety is highly sulfurous and dense and widely used for tarmac on roads.Even if Venezuelan supplies become too costly for the teapots, China’s oil majors could still step in. PetroChina Co.’s new mega refinery in Jieyang, for example, was originally designed to process Venezuelan crude.
SINGAPORE/BEIJING -As the U.S. tightens its restrictions on China's semiconductor industry, Chinese manufacturers of tools used to make chips are benefiting, with orders from the country's foundries accelerating in recent months.
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