IkerAlex10
The traders reached out to key Asian buyers over the weekend. These talks are still in their early stages, and no formal offers have been made yet. In addition, the traders are also engaging in conversations with US refineries.
Asia has remained the most significant market for Venezuelan Merey crude for several years, even amid US sanctions and restrictions. China has been the largest importer of Venezuelan crude at a discounted price, as noted by the agency.
An Indian company, Reliance Industries, purchased oil after obtaining the required approval, but it halted its purchases last year following US President Donald Trump's announcement of a 25% tariff on buyers of Venezuelan oil.
Refiners in both India and China are now looking to explore the possibility of re-establishing access to Venezuelan oil. This could add another supply source in a market that is already operating with limited availability.
source: bloomberg.com
Asia has remained the most significant market for Venezuelan Merey crude for several years, even amid US sanctions and restrictions. China has been the largest importer of Venezuelan crude at a discounted price, as noted by the agency.
An Indian company, Reliance Industries, purchased oil after obtaining the required approval, but it halted its purchases last year following US President Donald Trump's announcement of a 25% tariff on buyers of Venezuelan oil.
Refiners in both India and China are now looking to explore the possibility of re-establishing access to Venezuelan oil. This could add another supply source in a market that is already operating with limited availability.
source: bloomberg.com