The Chinese imports of Venezuelan oil may fall to the smallest level in almost eight years in July, while the OPEC producer deals with a falling production and logistics problems, according to sources with knowledge of the subject.
The state PetroChina expects the June loads of Venezuela, mainly of Merey degree, to be half the normal volume, according to two Beijing oil authorities alongside the subject.
The Venezuelan state company PDVSA promised that the non-shipped volume will be increased in shipments for delivery in August and September, the sources said.
The fall in inventories for the client, creditor and most important political ally of Venezuela, is the latest indicator of difficult times for the country that counts with ample reserves of oil.
Oil production in Venezuela fell to the lowest annual average in more than three decades between January and April, while asset claims by creditors cut PDVSA's access to the export terminals.
The news affects both sides. China's growing demand for oil in the midst of still robust economic growth is increasing its dependence on imports, while Venezuela's difficulty in exporting as its infrastructure collapses means that it is losing its Chance to take advantage of oil prices that have risen to maxims in recent years. Source: Extra Newspaper
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