The state-owned company PetroChina stopped buying Venezuelan oil after their sale came under US control. In addition, discounts on raw materials have become smaller and made it unprofitable.
"PetroChina has informed its traders that it should not buy or trade Venezuelan oil since Washington took control of oil exports from an OPEC member country," Reuters reports, citing sources.
The state-owned company is assessing the situation. According to the agency, the largest buyer of Venezuelan oil will reduce imports and compensate for it at the expense of Russia, Iran and Canada.
After the announcement of the deal, the United States and International traders Trafigura and Vitol have started selling Venezuelan oil and have approached Indian and Chinese oil refiners, including PetroChina, with offers.
"However, one of the heads of trading companies stated that PetroChina traders were told not to touch the oil until further notice from the headquarters," Reuters reports.
The interlocutor of the agency said that the offers of traders were uncompetitive compared to other grades, such as Canadian oil.
Discounts on Venezuelan heavy Merey crude oil for delivery to China decreased by about $ 10 per barrel and companies from China offered to buy raw materials at a discount of $ 5 to the reference Brent.
Another problem is that Venezuela was paying off its debts with China with oil. However, the United States redirected these supplies.
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