Sunday , June 13 2021

US sanctions raise the price of Venezuelan crude oil in China



The US sanctions, which for all intents and purposes blocked imports of Venezuelan oil from the United States, led to an increase in the cost of crude oil thousands of kilometers in China.

The state-run PetroChina sells Merey Venezuelan oil at a price of about $ 5 a barrel against a benchmark of West Texas Intermediate, according to a document available from Bloomberg. The rate was sold at a discount in the Asian country before Donald Trump's administration began its offensive against the OPEC maker late last month in an attempt to shake the coach leader Nicholas Maduro.

US measures have raised uncertainty as to whether Venezuela can maintain exports of its dense crude crude oil. At the same time, US refiners are looking for alternatives by eliminating supplies of similar oil varieties around the world. The growing demand for infrastructure in China means that these classes are valued in the Asian country because they are suitable for the production of bitumen, a refining residue, also known as asphalt.

China almost doubled imports of Venezuelan oil in January from the previous month

China almost doubled imports of Venezuelan oil in January compared to the previous month, according to data from the oil company collected by Bloomberg. This means that their state oil companies have supplies that now reach higher prices due to uncertainty around the heaviest raw material on the world market. According to the data, Merey represents 80% of Latin America's supplies to China last year.

PetroChina creates a monthly offer price for Merey crude oil sales to its customers, especially small private processors based on their own formula. He sells $ 5,0272 a barrel of oil against WTI in February, with an additional $ 2,770 for agent commissions. In January, the company offered a premium of $ 3, three operators said on the market.

Heavy classes show higher prices worldwide. The crude oil premium Mars from the Gulf of Mexico against the United States reference rose to a maximum of five years. Although exports from the Middle East are usually not as heavy as Venezuelan supplies, they are more important than light varieties such as the slate of the United States or European North Sea oil. Swap contracts for the Dubai Regional Benchmark were strengthened to their highest level in nine years against London Brent.

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