Venezuela's Oil Exports Stable as Buyers in China Receive More

Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA.

The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions...

The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron, due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China...

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