Venezuela ratcheted up its crude oil exports in January to around 480,000 barrels per day, according to shipping data, nearly double the previous month’s average, with the vast majority of the barrels once again heading to China. China has been the dominant importer of Venezuelan crude since October, when India’s Reliance, which had been handling upwards of 200,000 b/d of heavy crude from state oil producer Petroleos de Venezuela (PDVSA), stopped all purchases due to US pressure. It is not clear which Chinese companies are buying the oil, as many tankers tend to “go dark” before reaching their final destinations.
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