Generally speaking, buy bitumen in China is a major issue since China is the two largest buyers of crude oil and bitumen,
despite US sanctions against Venezuela aimed at reducing its oil revenues. Moreover, they have damaged Venezuela’s oil production and exports severely by US sanctions. It is also worth mentioning that Venezuela’s average oil exports last month were 350,000 barrels per day. However, this figure does not accurately reflect Venezuela’s oil exports due to transferring ships to oil ships at sea. The latest data from Tankers shows that Venezuela has more oil exports than the official figures.
In addition to ship-to-ship transfers, Venezuela and China have another tactic for exporting their oil that is far from US sanctions,
which is to turn off the tanker transmitter at the beginning of the voyage and turn it on near the destination. Besides, major oil companies China,
Cyanpi and PetroChina last year stopped buying oil directly from Venezuela due to increased US sanctions against the country. In fact, China, which has been buying oil regularly since the outbreak of the Corona epidemic,
has now reduced its oil imports by filling its storage tanks and reducing demand in areas where it exports fuel. China, which has been buying oil regularly since the outbreak of the Corona epidemic,
is now importing its oil as its storage tanks fill up and demand in areas where it exports fuel is declining.
“In the last quarter of this year, China’s crude oil imports are likely to fall by 14.5 percent,
or 1.7 million barrels per day, compared to the third quarter,
“said Xi Fenglei, assistant director of IHS Markit. China began its efforts to store cheap oil immediately after the fall in oil price indices due to disputes between Saudi Arabia and Russia,
which coincided with the initial outbreak of the Coronavirus. Additionally, the country’s traders and refineries
continued to buy oil until reports surfaced that the country’s oil storage tanks were full.
Despite these reports, the country’s oil purchases continued until the end of the third quarter,
so that the average purchase of this product in September
compared to August increased by 2.1 percent and reached 11.8 million barrels per day. New capacity in China’s independent refineries helped boost the refineries, as refineries still have unused import quotas. Now, quotas are running out,
and that could lead to lower oil prices again. “China’s demand recovery has been very,
very strong, so if you take away some of that power, it will have an enormous impact on the global oil market,
” Lachlan Shaw, head of NBA commodity research, told Reuters.