Bloomberg reported Friday that China National Petroleum Corp. (parent company of oil giant PetroChina Ltd) โ the country's biggest energy company โ is for the first time in over a decade backing away from Venezuelan crude, canceling shipments in August:
China National Petroleum Corp. has canceled plans to load about 5 million barrels worth of Venezuelan oil onto ships this month in the aftermath of the latest executive order by President Donald Trump, according to people with knowledge of the situation who asked not to be identified discussing proprietary information.Beijing is seeking to reduce its exposure to the risk of Washington's sanctions, even as it grapples with the US on other fronts.
This could prove a final massive economic blow to President Nicolas Maduro's future prospects amid food and electricity shortages and hyperinflation, given China has been state-owned PDVSA's top offload destination since the US brought unprecedented sanctions against it starting January 28th. The Trump administrated expanded the sanctions further on Aug. 5, aimed at severing Maduro's final major cash lifeline.













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