U.S. sanctions against Venezuelan oil exports will take full effect in November according to press reports. Reliance Industries in India will end its purchases which have included a barter system. Panjiva’s data shows Reliance cut its shipments from Venezuela to just 2.6% of the total in Q2’20 compared to 16.0% in Q4’18. U.S. buyers, including Valero, Chevron and Citgo, have long since backed away from Venezuelan oil with Chevron cutting shipments to zero in 2020 from 27.3% of its total U.S. seaborne imports in 2017. Chevron has instead increased sourcing from Ecuador, Brazil and Nigeria...
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