HOUSTON — Two China-flagged supertankers that were sailing to Venezuela to pick up debt-paying crude cargoes made U-turns and were headed back to Asia, LSEG shipping data showed on Monday (Jan 12), a sign that the US-blocked South American country might not be directly exporting oil to its main buyer any time soon.Following the US announcement last week of a deal to export up to 50 million barrels of Venezuelan oil stuck in storage, US President Donald Trump said China would not be deprived of Venezuela s crude. He did not elaborate on the supply mechanism.But the Asian nation, the biggest market for Venezuela s oil, has not received any cargoes from state-run PDVSA since last month as Washington says the oil embargo remains in force.Global trading houses Vitol and Trafigura are instead readying the first cargoes of the announced US$2 billion (S$2.57 billion) deal, to be sent to the US and other destinations, including India and China, a negotiation that can ultimately benefit China s refiners if the traders negotiate cargoes with them.
Wednesday 18 February 2026
asiaone - 1 month ago
Supertankers sailing to pick up Venezuelan oil for China make U-turns, ship data shows
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