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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Chinese refiners are rejecting offers of Venezuelan oil as the price discount falls due to the easing of US sanctions while shipments to India are increasing according to Bloomberg.
- The discount of Venezuela’s Merey crude to ICE Brent has reduced from as much as 20$/bbl less than two months ago to between 6$/bbl to 9$/bbl.
- Venezuelan crude shipments to India have been priced around an 8$/bbl discount to ICE Brent according to Bloomberg sources.
- China’s independent refiners have purchased Venezuelan crude over the last few years due to the large discounts and despite risks from the US sanctions. Venezuelan oil was less than 2% of China’s total imports in the first 10 months of 2023 but supplies can be as much as 20% of the feedstock at some private refineries according to Oilchem.
- The immediate impact on the Chinese market remains limited but there could be more downside risk to run rates late in Q1 as inventories dwindle and bitumen consumption picks up in the spring according to Energy Aspects.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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