Venezuela Unrest Hits Chinese Oil Stocks: Is Maduro’s Capture the Start of a Crude Supply Crisis?

TLDR Venezuela supplies 5%–8% of China’s oil imports, compared to 1%–2% for the United States. China’s refineries are optimized for Venezuela’s heavier crude, making it harder to replace lost supply. Cnooc, PetroChina, and Sinopec shares declined 4.0%, 4.5%, and 1.5% respectively on Monday. Mizuho warned China’s other oil imports face choke points like the Straits [...]

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