PetroChina Pulls Back from Venezuela Oil as U.S. Sanctions Tighten

Caixin Global | Aug 19, 2019 at 1:43 PM
  • China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation.
  • Other companies can continue to supply China’s independent refiners known as teapots with the South American nation’s crude.
  • Most of the barrels come via PetroChina, but in the wake of U.S. sanctions, Russia’s Rosneft Oil Co PJSC has stepped up to supply Venezuelan oil to the country’s independent refiners.