Asia may have little to cheer from lifting of Venezuelan oil sanctions

摘要

Asia may have little to cheer following the lifting of the sanctions on Venezuelan oil as increased competition for the cargoes could make it difficult for buyers like China and India to source incremental supplies,prompting them to look at the Middle East to fill the vacuum,analysts and sources said.While China's independent refiners have remained active buyers of Venezuelan crude in recent years despite the sanctions,India and other Asian buyers have largely stayed away.For Shandong-based independent refiners,it has been relatively easy to source Venezuelan barrels,but that may not be the case anymore.