Despite US sanctions Venezuela start exporting direct oil to China
According to Refinitiv Eikon vessel-tracking data and internal documents from Venezuela’s state-owned company Petroleos de Venezuela (PDVSA), latter resumed oil exports to China, despite US sanctions. In an exclusive report carried out by the Reuters, showed that due to the US sanctions imposed in August 2019 ‘Chinese state companies, China National Petroleum Corp (CNPC) and its listed subsidiary PetroChina — long among PDVSA’s top customers — stopped importing crude and fuel directly from Venezuelan ports’.
The loading point of Venezuelan oil was now changed to Malaysia, where transfers of cargoes between vessels at sea was allowed. It implied that in order to escape the sanctions, Venezuela opted for a slightly extensive transfer involving a few vessels, loading-unloading and changing of hands, which aided the South America country to continue exporting its crude to China, by using trade intermediaries.
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