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Venezuelan Sanctions Encouraging Oil Discount for Chinese Refiners

OIL
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Chinese buyers are receiving slight discounts on Venezuelan barrels now 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 discount has widened from $11/bbl before sanctions were reimposed last week and $8/bbl at the start of the year.
  • Merey attracted a discount of as much as $20/bbl before the sanctions waiver, with interest said to be low unless current discounts widen further.
  • China is the only real outlet for Venezuelan barrels now that sanctions are back in place, moving flows away from the US and India – the main destinations over the past 6 months.
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Chinese buyers are receiving slight discounts on Venezuelan barrels now 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 discount has widened from $11/bbl before sanctions were reimposed last week and $8/bbl at the start of the year.
  • Merey attracted a discount of as much as $20/bbl before the sanctions waiver, with interest said to be low unless current discounts widen further.
  • China is the only real outlet for Venezuelan barrels now that sanctions are back in place, moving flows away from the US and India – the main destinations over the past 6 months.