Traders Rush To Ship Masked Venezuelan Crude To China [zero hedge]
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Source: zero hedge
Traders Rush To Ship Masked Venezuelan Crude To China Authored by Charles Kennedy via OilPrice.com, Commodity traders are in a rush to ship as much Venezuelan heavy crude to China as possible before a new fuel tax kicks in, causing a 40-50-percent rise in prices , Reuters reports , citing industry insiders and shipping data. Over the last 12 months, China has seen a 13-fold increase in imports of bitumen blends, some 90 percent of which was actually heavy crude from Venezuela, according to data from cargo tracker Vortexa Analytics. The crude was labeled as Malaysian bitumen blend to avoid sanction action from the United States. According to Vortexa, the average daily rate of Venezuelan oil imports into China over the past year was some 324,000 barrels, which represented about two-thirds of Venezuela's total exports of crude during the period. However, things are about to change as China plans to introduce a tax on bitumen blend imports later this month. This will increase prices by 40
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