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 that most of it be sold to the United States, which it says will control Venezuela’s oil sales indefinitely, Reuters report.
China has been Venezuela’s largest oil buyer for years, with shipments helping Caracas repay large loans to Beijing under debt-for-oil arrangements.
The administration said China can still buy Venezuelan oil, but only at higher prices than those accepted under Maduro. U.S. Energy Secretary Chris Wright said the United States is now receiving about $45 per barrel for Venezuelan oil, compared with roughly $31 per barrel before Maduro’s capture.
Trading houses Trafigura and Vitol have sold about 11 million barrels of oil under an initial supply deal between Venezuela and the United States involving stranded crude, accounting for roughly a quarter of a $2 billion agreement.
The post International News: U.S. allows China to buy Venezuelan oil at “Fair Market” prices after Maduro seizure appeared first on Belize News and Opinion on www.breakingbelizenews.com.
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
The post International News: U.S. allows China to buy Venezuelan oil at “Fair Market” prices after Maduro seizure appeared first on Belize News and Opinion on www.breakingbelizenews.com.
