Biden Admin is reportedly begging Venezuela & Iran to let us buy their oil (Biden growing desperate)
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It would seem that Venezuela has decided to 'sell' its oil to China. China has decided to creatively evade US sanctions against Venezuela, with an assist from the country of Malasia. Venezuela owes China money and has decided to pay the debt with oil. Both parties seem ok with situation. It is possible that China has decided to go around US sanctions as a partial retaliation regarding the Pelosi visit, or it is possible this was planned all along. The ball is in the US's court to decide if it can afford to retaliate.
Exclusive-Chinese defence firm has taken over lifting Venezuelan oil for debt offset -sources
SINGAPORE/HOUSTON (Reuters) -China has entrusted a defence-focussed state firm to ship millions of barrels of Venezuelan oil despite U.S. sanctions, part of a deal to offset Caracas' billions of dollars of debt to Beijing, according to three sources and tanker tracking data.
China National Petroleum Corp (CNPC) stopped carrying Venezuelan oil in August 2019 after Washington tightened sanctions on the South American exporter. But it continued to find its way to China via traders who rebranded the fuel as Malaysian, Reuters has reported.
Since November 2020 China Aerospace Science and Industry Corp (CASIC) has been carrying Venezuelan crude on three tankers it acquired that year from PetroChina, CNPC's listed vehicle, the sources said. The oil is stored on a tank farm it also took over from PetroChina, the sources said....
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