Global Traders Launch Legal Venezuelan Oil Sales to China
Market Intelligence Analysis
AI-PoweredGlobal traders, including Vitol, are launching legal oil sales from Venezuela to China at a discounted rate, narrowing the gap with illicit sales. This development may indicate a shift towards legitimate trade in the Venezuelan oil market. The discounted rate is $5 per barrel lower than ICE Brent.
Market impact analysis based on bullish sentiment with 80% confidence.
Article Context
Vitol, the world’s biggest independent oil trading group, is offering Venezuelan crude to Chinese refiners at a discount that’s three times narrower compared to the illicit sales from Venezuela before the ousting of Nicolas Maduro, anonymous traders with knowledge of the development told Bloomberg on Monday. Vitol has recently offered cargoes of Venezuela’s flagship Merey heavy sour crude grade to China at a discount of $5 per barrel to ICE Brent, according to Bloomberg’s sources. This compares with a discount…
Analysis and insights provided by AnalystMarkets AI.