Tougher US Sanctions Trigger Drop in Venezuela Oil Flow
#Venezuela's oil exports actually *increased* by 8% after the US tightened sanctions and restricted Western oil activities in the country, rising to 844,000 bpd in June. The reason? China 🇨🇳. At least for now, China has partially offset the loss of the US and European markets.
Reuters | Las exportaciones de petróleo de Venezuela aumentan a medida que más cargamentos se dirigen a China https://t.co/Oqif1gkfkL
Venezuela's oil exports have increased by 8% to 844,000 barrels per day in June despite tightened US sanctions and restrictions on Western oil activities in the country. This rise is largely attributed to growing shipments to China, which has partially offset the loss of US and European markets. Multiple sources, including Reuters and regional analysts, have noted the shift in Venezuela's oil trade dynamics, with China emerging as a key destination for Venezuelan crude amid ongoing geopolitical and economic pressures. While US sanctions have aimed to curb Venezuela's oil flow, the increased exports to China highlight a realignment in trade routes and partnerships.