China's crude oil imports from Venezuela plunged 62% in July from the previ...
BEIJING - China’s crude oil imports from Venezuela plunged 62% in July from the previous month, Chinese customs data showed on Sunday, as growing tension between Washington and the Maduro government made buyers wary of taking oil from the South American exporter.
With U.S. sanctions on Venezuela having already driven away many of its oil buyers, the Trump administration in early August kept up the pressure by threatening sanctions on any company that works with Maduro’s government. Refinitiv Oil Research showed only three cargos carrying a total 540,000 tonnes of crude have left from Venezuela for China so far this month, half of the figure in July.
Saudi Arabia remained China’s top oil supplier last month. It sold 6.99 million tonnes, or 1.65 million bpd, to China, customs data showed. That compares with 1.88 million bpd taken from Saudi Arabia in June.
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