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Chinese Imports of Venezuelan Crude Rebounds in July

OIL

China’s imports of heavy crudes from Venezuela are set to reach their highest level since March, likely to reduce refiners’ demand for fuel oil as a substitute, according to Reuters.

  • China imported 1.5m mt, around 11m bbl of Venezuelan crudes in July, according to Vortexa analyst Emma Li and a trade source in China who tracks shipments.
  • Up to 1m mt of Venezuelan crude could have been imported as bitumen in July, after Shandong authorities said that heavy crudes meeting certain specifications could be declared as diluted bitumen.
  • The boost in imports of heavy Venezuelan crude may ease the demand for fuel oil among Chinese refiners, with fuel oil imports expected to have softened to 2.2m mt in July, down 0.5m mt on the month.
  • “As new (crude import) quotas are released and diluted bitumen imports resume, some fuel oil demand would be replaced,” said China-based energy consultancy JLC in a note.
Energy BulletsCommodities
Energy BulletsCommodities

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