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PetroChina Hopes to Resume Venezuelan Oil Imports

OIL

China’s PetroChina is hoping to resume Venezuelan oil imports after a four-year pause and is proposing a deal with Venezuela’s PDVSA, people familiar with the matter told Reuters.

  • PetroChina has proposed to buy up to 8mn barrels of oil per month from PDVSA in hopes to resume oil trading that was suspended four years ago amid US sanctions.
  • However, since the US eased sanctions on Venezuelan oil, these barrels look set to largely redirect towards the US Gulf instead of flowing to China.

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