global Business News
Traders Seek Asian Buyers for Venezuelan Crude
Global commodities traders have opened discussions with refiners in India and China over potential purchases of Venezuelan crude oil, as efforts intensify to resume exports disrupted by international sanctions.
The talks follow recent approvals allowing the marketing of Venezuelan oil under a US-backed framework. The move is expected to accelerate crude sales and ease supply bottlenecks faced by the South American producer.
Industry sources said traders are offering discounted cargoes to attract Asian buyers, with state-owned and private refiners in India and China showing interest. Some refiners indicated they could resume purchases if regulatory conditions permit sales to non-US markets.
To support the renewed export activity, traders are securing vessels and supplying diluents such as naphtha, which is required to process and transport Venezuela’s heavy crude grades.
The anticipated return of Venezuelan oil to global markets has helped calm concerns about potential supply shortages elsewhere, contributing to relative stability in international oil prices.
