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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
The unwinding of US sanctions on Venezuelan oil could impact Chinese refiners that have gotten used to it as a source of cheap crude in recent years.
- Chinese refiners have been receiving a $20/bbl discount on Venezuelan Merey vs Brent according to Bloomberg sources. Comparable grades like Canadian Cold Lake trade near parity.
- India and the US were big buyers of Venezuelan crude pre-sanctions and are now expected to return to the market – as such, Venezuela will benefit from not having to offer steep discounts, a huge boon for its beleaguered economy.
- PetroChina’s new mega refinery in Jieyang was designed to process Venezuelan crude meaning some refineries in China will still likely try and buy its oil despite stronger prices.
Source: Kpler via 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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