China's Supertankers Heading For Venezuelan Oil Turned Around In The Middle Of The Atlantic

This shows the continuation of the blockade by the US.

Two Chinese-flagged supertankers that were heading to Venezuela to pick up crude oil cargoes have turned around and returned to Asia. According to Reuters, this was reported by LSEG, a global provider of data on oil prices and energy markets.

It is noted that this indicates the US blockade of Venezuela continues and it is unable to sell oil to its main buyer.

The very large oil tankers Xingye and Thousand Sunny, which are not under sanctions, have remained anchored in the Atlantic Ocean for weeks. The vessels are part of a group of three supertankers that only sail the Venezuela-China route to transport crude oil.

As the publication recalled, Venezuela sells oil to China to pay off its total debt. China gave it a significant loan after the US imposed energy sanctions on Venezuela in 2019. China has granted a grace period to receive capital payments and negotiated a temporary agreement with Caracas under which debt service would be offset by crude oil cargoes.

Venezuela's state oil and gas company PDVSA reported that it was China that was the No. 1 buyer last year, exporting about 642,000 bpd, three-quarters of its total exports of 847,000 bpd.

"The lion's share of those exports to China went to independent Chinese refineries traded by little-known middlemen, while oil cargoes sent to China to service debt were a small fraction of the total," the article said.

The publication recalled that last week the US announced an agreement to export up to 50 million barrels of Venezuelan oil stuck in storage. US President Donald Trump said China would not be deprived of Venezuelan crude. But China has yet to receive any cargoes from Venezuela since last month as Washington says the oil embargo remains in place.

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