US EditionU.S. Allows China to Buy Venezuelan Oil at Fair Market Prices
The U.S. requires most Venezuelan oil to be sold domestically and ensures China pays about $45 per barrel, up from $31 under Maduro's regime, officials said.
- On Jan 22, the Trump administration allowed China to purchase Venezuelan oil, requiring sales at 'fair market prices' and that most be sold to the United States.
- After seizing President Nicolas Maduro on January 3, the U.S. says it will control Venezuela's oil sales indefinitely, while China has been Venezuela's top buyer helping repay massive loans in debt-for-oil deals.
- Trafigura and Vitol sold 11 million barrels, about a quarter of a $2 billion deal, while U.S. Energy Secretary Chris Wright said the U.S. received about $45 per barrel versus roughly $31 before Maduro's capture.
- Starting in February, China's oil imports from Venezuela are expected to slump as fewer tankers have left, prompting traders to negotiate cargoes to Repsol and U.S. refiners Valero and Phillips 66.
12 Articles
12 Articles
Dollars trickle into Venezuela's economy after first sales of country's oil by U.S.
The first sales of Venezuelan oil by the U.S. seem to have stabilized prices for now, but there are many questions about the long-term viability of U.S. control of the Venezuelan economy.
U.S. allows China to purchase Venezuelan oil but not at 'undercut' prices of Maduro days, official says
WASHINGTON - The Trump administration is allowing China to purchase Venezuelan oil but not at "unfair, undercut" prices at which Caracas sold the crude before the U.S. removed President Nicolas Maduro, a U.S. official said on Thursday.
US allows China to purchase Venezuelan oil but not at 'undercut' prices of Maduro days, official says
The Trump administration is allowing China to purchase Venezuelan oil but not at "unfair, undercut" prices at which Caracas sold the crude before the U.S. removed President Nicolas Maduro, a U.S. official said on Thursday.
International News: U.S. allows China to buy Venezuelan oil at “Fair Market” prices after Maduro seizure
By Zoila Palma: The Trump administration is allowing China to continue purchasing Venezuelan oil but only at what it calls “fair market prices,” according to a U.S. official speaking on Thursday. The official said Caracas will no longer be able to sell crude at the “unfair, undercut prices” used before the United States seized President Nicolas Maduro on January 3. While the oil will be sold on the global market, the administration has required…
A U.S. official said on Thursday (January 22) that the Trump administration would allow China to buy Venezuelan oil, but only if China pays fair market prices, not the unfairly low prices it paid during Maduro's rule.
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