China spurns Venezuelan exports
US sanctions are forcing Asian refiners to abandon the Latin American nation
Chinese companies are largely boycotting directly importing crude from Venezuela, ramping up pressure on the country’s ailing oil sector and paving the way for Russia to increase its influence. State-owned Chinese firms CNPC and its subsidiary PetroChina have both suspended loadings of Venezuelan crude. China Oil, the trading arm of oil firm CNPC—wary of provoking US sanctions—cancelled deliveries in August. CNPC will now extend the embargo on direct imports of Merey blend, a mix of Venezuelan crude and bitumen, for a third consecutive month. China has previously been one of the Venezuela’s staunchest allies and largest importers. Around two-thirds of crude exported from Venezuela has been s
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