Loss of Venezuelan, Iranian crude could push Chinese refiners to seek alternatives: Analyst

China has cushioned the impact of surging oil prices by drawing on its crude stockpiles, cutting fuel exports and benefiting from an increasingly electrified transport sector. But its supplies of discounted crude from Venezuela and Iran have been squeezed, following the Trump administration’s announcement that it would take over a fifth of Venezuela’s crude reserves, and amid an ongoing US blockade on Iran. Speaking to CNA’s Asia First, Tom Reed, head of oil market analysis at Argus, says private refiners in China could be forced to cut production or seek alternative crude supplies, including from West Africa and Brazil. This could add to upward pressure on global oil prices, he says.

Subscribe to our channel here: https://cna.asia/youtubesub

Visit our website: https://cna.asia
Download our app: https://cna.asia/app

Get our editors' picks of stories via chat apps:
Telegram: https://cna.asia/telegram
WhatsApp: https://cna.asia/whatsapp

Follow us on these platforms:
https://www.facebook.com/channelnewsasia
https://www.instagram.com/channelnewsasia
https://www.tiktok.com/@channelnewsasia