Reported about 16 hours ago
Traders have reportedly disguised over $1 billion worth of Venezuelan oil as Brazilian crude for shipments to China to avoid U.S. sanctions and lower logistics costs. Since mid-2024, this practice has grown, allowing tankers to directly sail from Venezuela to China, bypassing Malaysia. This shift not only saves time but also helps traders secure financing by altering documentation to present the oil as Brazilian. Despite sanctions, Venezuela remains a major supplier to China's independent refiners, with Chinese customs reporting significant imports labeled as Brazilian, despite Brazil's lack of bitumen blend exports.
Source: YAHOO