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Russian oil company starts trading Venezuelan oil to help offset U.S. Sanctions

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Venezuelan President

Posted: Monday, August 26, 2019. 1:19 pm CST.

By BBN Staff: The Russian state-owned oil company Rosneft, has become the main trader of Venezuelan oil, allowing the Caracas based Petróleos de Venezuela, S.A. (PDVASA) to continue supplying its customers in the face of sanctions imposed by the United States.

Rosneft’s shipping of oil to buyers in China and India has helped to offset the loss of traditional dealers who are avoiding doing business with Venezuela for fear of breaching U.S. sanctions.

US media has reported that Rosneft became the biggest buyer of Venezuelan crude in July and the first half of August, taking over some 40% of  PDVSA’s exports in July and 66% so far in August, according to the firm’s export programs and the Refinitiv Eikon data, double the purchases before sanctions.

Rosneft was already reselling volumes it bought from PDVSA to trading firms prior to the sanctions but was less involved in marketing.

Since the sanctions, Russia has overtaken Venezuela as the eighth largest exporter of crude to the United States.

Us President Donald Trump and his administration have been on a sustained campaign to force out Venezuelan President Nicholas Maduro out of power and install opposition leader Juan Guido, as interim president until another round of elections is held. Mauro has flatly
refused to step down, stressing that 6 million people had elected him in fair elections.

 

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