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China Daily Oil Summary: Chinese Buyers Find Discounts for Venezuelan Oil

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MNI (London) - Chinese buyers are receiving slight discounts on Venezuelan barrels now that sanctions have been reimposed.

  • Venezuelan Merey crude, traded at a discount of $14/bbl to ICE Brent for Chinese buyers in recent days on a delivered basis, according to Bloomberg sources.
  • The Yulong refinery in China will face bottlenecks as it aims for production according to FGE. It does not expect trials from the refinery until Q4 2024 and stable output until mid-2025.
  • POLICY: Western countries' accusations of China overcapacity are unreasonable and Beijing hopes the relevant countries can objectively consider the needs of the global new energy market, He Yadong, spokesperson for the Ministry of Commerce said.
  • FROM THE PRESS: Authorities’ financial work must adhere to the principle of stability, emphasizing macroeconomic control, financial development, reform, and supervision, as well as risk management, according to an article from the Central Financial Work Commission published in the People's Daily, a party-run publication.
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MNI (London) - Chinese buyers are receiving slight discounts on Venezuelan barrels now that sanctions have been reimposed.

  • Venezuelan Merey crude, traded at a discount of $14/bbl to ICE Brent for Chinese buyers in recent days on a delivered basis, according to Bloomberg sources.
  • The Yulong refinery in China will face bottlenecks as it aims for production according to FGE. It does not expect trials from the refinery until Q4 2024 and stable output until mid-2025.
  • POLICY: Western countries' accusations of China overcapacity are unreasonable and Beijing hopes the relevant countries can objectively consider the needs of the global new energy market, He Yadong, spokesperson for the Ministry of Commerce said.
  • FROM THE PRESS: Authorities’ financial work must adhere to the principle of stability, emphasizing macroeconomic control, financial development, reform, and supervision, as well as risk management, according to an article from the Central Financial Work Commission published in the People's Daily, a party-run publication.