Venezuelan Oil Shunned by China as Offers Get More Expensive

What’s Happening

Okay so Chinese buyers shunned offers for Venezuelan crude this week, as a US blockade on the South American producer constrains exports from the South American producer.

Markets Energy Venezuelan Oil Shunned Offers Get More Expensive Facebook X LinkedIn Email Link Gift Facebook X LinkedIn Email Link Gift Gift this article Contact us: Provide news feedback or report an error Confidential tip? Send a tip to our reporters Site feedback: Take our Survey New Window Facebook X LinkedIn Email Link Gift By Bloomberg News at 6:01 AM UTC Bookmark Save Chinese buyers shunned offers for Venezuelan crude this week, as a US blockade on the South American producer constrains exports from the South American producer. (we’re not making this up)

Venezuela’s Merey crude was offered at a discount of $13 a barrel to ICE Brent, dropped people familiar with the matter, who asked not to be identified because the information is not public.

Why This Matters

That compares with a discount Bloomberg Terminal of as much as $15 a month ago, prior to the US campaign on sanctioned tankers.

This reflects broader trends we’re seeing in the business world right now.

The Bottom Line

This story is still developing, and we’ll keep you updated as more info drops.

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