Report: PetroChina Holds Off from Buying U.S.-Controlled Venezuelan Oil

Chinese state-owned oil company PetroChina told its partners not to buy or trade Venezuelan crude oil ever since the U.S. took control of Venezuelan oil exports earlier this month, according to a report published by Reuters on Tuesday.

Reuters, citing two “trading executives familiar with the situation,” indicated that PetroChina’s decision is evidence that Venezuelan oil supply to China will remain “tight” and push Chinese buyers towards Canadian, Iranian, or Russian oil instead.

PetroChina is a publicly listed subsidiary of China’s National Petroleum Corporation (CNPC). The unnamed traders spoke with the outlet on condition of anonymity “because the matter is sensitive.” Reuters pointed out that CNPC was the largest single buyer of Venezuelan oil until 2019, when President Donald Trump, during his first term,