Chinese refiners shift to Iranian crude after Venezuelan supplies halted
The suspension of Venezuelan exports to Asia is pushing Chinese independent refiners to prioritise Iranian heavy crude, currently sold at a significant discount to Brent.
| Countries | Chine, Iran |
|---|---|
| Companies | Kpler |
| Sector | Pétrole |
| Theme | Marchés & Finance |
Chinese independent refiners are expected to increase purchases of heavy crude oil from Iran and Russia in the coming months, to compensate for the sudden halt in Venezuelan shipments. This shift follows the suspension of a $2bn export deal between Caracas and Washington, which led to a stop in loadings from Venezuela’s main ports to Asia at the beginning of the year.
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