The Crude Report: China taxes out Venezuelan barrels
A new Chinese tax on esoteric oil products poses a challenge for heavy sour crude, particularly from Venezuela. In this episode of The Crude Report, vice president Tom Reed and senior contributing editor Patricia Garip discuss how Beijing’s new import tax threatens to orphan 400,000 b/d of Venezuelan crude that has been a lifeline for Caracas since the US imposed sanctions in 2019. Related links Argus China Petroleum Argus Latin Markets
