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Page added on August 17, 2019

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PetroChina Suspends Venezuelan Oil Imports In Huge Blow To Maduro

Public Policy

Even if China continues to thwart US sanctions on Iran, in the case of Venezuela Trump appears to be gaining the upper hand.

Bloomberg reported Friday that China National Petroleum Corp. (parent company of oil giant PetroChina Ltd) — the country’s biggest energy company — is for the first time in over a decade backing away from Vezenuelan crude, canceling shipments in August:

China National Petroleum Corp. has canceled plans to load about 5 million barrels worth of Venezuelan oil onto ships this month in the aftermath of the latest executive order by President Donald Trump, according to people with knowledge of the situation who asked not to be identified discussing proprietary information.

Image via Venezuela Analysis

Beijing is seeking to reduce its exposure to the risk of Washington’s sanctions, even as it grapples with the US on other fronts.

This could prove a final massive economic blow to President Nicolas Maduro’s future prospects amid food and electricity shortages and hyperinflation, given China has been state-owned PDVSA’s top offload destination since the US brought unprecedented sanctions against it starting January 28th. The Trump administrated expanded the sanctions further on Aug. 5, aimed at severing Maduro’s final major cash lifeline.

Per Bloomberg’s figures, China has imported 339,000 bpd of Venezuelan oil this year, with most transported by PetroChina, but lately Russia’s Rosneft has sought to step up after sanctions were imposed, and is expected to continue delivery to Chinese independent refineries.

“The three August-loading cargoes canceled by CNPC’s subsidiary PetroChina Co. Ltd. haven’t so far attracted another buyer,” noted Bloomberg based on reports it’s seen.

Trump’s August 5th executive order was broadly interpreted as expanding the pressure campaign on countries continuing to do business with Caracas, including Russia, China, Cuba, Iran, Turkey and India. Washington has demanded that Maduro hand over power of his own accord to US-backed opposition leader Juan Guaido.

A CNPC petrochemical refinery in Tianjin. Source: VCG

“All property and interests in property of the Government of Venezuela that are in the United States… are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in,” the executive order states.

The “sweeping embargo” came amid White House talk of imposing a complete “quarantine” or “blockade” of the socialist Latin American country, and has been considered the most aggressive and crippling US action against Venezuela to date.

zerohedge



39 Comments on "PetroChina Suspends Venezuelan Oil Imports In Huge Blow To Maduro"

  1. makati1 on Sat, 17th Aug 2019 8:21 pm 

    The article doesn’t mention that the Chinese are also there repairing the refineries, etc. Nor does it ever actually give the source of its info. Considering the article’s author, Zerohedge, a Sinophobe source, I doubt the assertion to be true.

    The US is trying desperately to get a war started before its collapse into the 3rd world. So far, its attempts have failed. The world sees the terrorist US for what it is and is pulling away.

    Trump, and his merry band of psychopaths, are isolating the US and killing its future. GO TRUMP!

  2. Chrome Mags on Sat, 17th Aug 2019 9:42 pm 

    “Trump, and his merry band of psychopaths, are isolating the US and killing its future. GO TRUMP!”

    I concur. So far though it hasn’t worked so well. NK never dismantled their nuclear capability. In fact, the following link shows NK has an estimated 30 nuclear warheads.

    https://www.armscontrol.org/factsheets/Nuclearweaponswhohaswhat

    And here’s an article explaining why Trump’s sanctions against Iran aren’t working.

    https://www.theatlantic.com/ideas/archive/2019/05/why-trumps-sanctions-iran-arent-working/589288/

    And here’s an article on Trump retreating on some Chinese tariffs

    https://www.wsj.com/articles/u-s-will-delay-some-tariffs-against-china-11565704420

    And here’s one about how Trump’s tariffs are raising billions from US companies

    https://www.scmp.com/news/china/diplomacy/article/2182611/yes-donald-trumps-china-tariffs-are-raising-billions-heres-why

    •Chinese goods have been hit with US$8 billion in tariffs, but it’s US importers who are footing the bill
    •US businesses paid US$2.8 billion in new Trump tariffs in October alone, The Trade Partnership economic consultancy estimates

    And last but not least is the fact that China has suspended all Agriculture imports from the US as a result of Trump’s latest tariff increase threats.
    https://www.scmp.com/news/china/politics/article/3021540/china-suspend-purchases-us-farm-products-retaliation-serious

    Maybe Trump should stick with intimidating his own party members to do his bidding, which has succeeded perfectly, rather than trying to intimidate other countries which has failed miserably.

  3. Shortend on Sat, 17th Aug 2019 10:48 pm 

    Looks like the gravy train is over!

  4. DerHundistLos on Sun, 18th Aug 2019 3:48 am 

    TRUMP NOW TRYING TO ELIMINATE HIGHLY SUCCESSFUL ENDANGERED SPECIES ACT

    Sure hope all the Trumpers are happy with a president who is working overtime to commit ecocide.

    Unfuckingbelievable.

    https://www.washingtonpost.com/opinions/another-threat-to-endangered-species-the-trump-administration/2019/08/16/b8330984-bec8-11e9-a5c6-1e74f7ec4a93_story.html

  5. Duncan Idaho on Sun, 18th Aug 2019 9:49 am 

    Maduro was to be gone years ago.
    The MSM propaganda is not working.
    Ven has the largest oil reserves on the planet, even if heavy and a challenge to refine—
    Trump and the sociopaths would love to get their hands on them, probably have wet dreams just thinking about all they could rip off.

  6. T. Tobias on Sun, 18th Aug 2019 9:58 am 

    “Pity the nation whose people are sheep
    And whose shepherds mislead them
    Pity the nation whose leaders are liars
    Whose sages are silenced
    And whose bigots haunt the airwaves
    Pity the nation that raises not its voice
    Except to praise conquerors
    And acclaim the bully as hero Pity the nation oh pity the people who allow their rights to erode and their freedoms to be washed away….”
    And aims to rule the world
    By force and by torture…
    Pity the nation
    Oh pity the people
    who allow their rights to erode and their freedoms to be washed away….”
    —Lawrence Ferlinghetti, poet

  7. T. Tobias on Sun, 18th Aug 2019 9:59 am 

    May I be a protector of those
    innocent creatures without protection.
    A leader for those who journey.
    A boat, a bridge, a passage
    for those desiring the further shore.
    May the pain of every living creature
    be completely cleaned away.
    May I be the doctor and the medicine
    and may I be the nurse
    for all sick beings in the world
    until everyone is healed.
    Just like space
    and the great elements such as earth
    may I always support the life
    of all the boundless creatures.
    Until they pass away from pain
    may I also be the source of life
    for all the realms of varied beings
    that reach unto the ends of space.

    — Shanti deva, Eighth Century Buddhist Master

  8. Robert Inget on Sun, 18th Aug 2019 11:50 am 

    Venezuela can’t satisfy its domestic fuel demand.

    There’s simply no crude to export.

  9. Davy on Mon, 19th Aug 2019 6:12 am 

    I will be off line the rest of the day. I have some work to do for a change. Any Davy comments until tomorrow are Juanpee.

  10. Dredd on Mon, 19th Aug 2019 6:38 am 

    Oil Qaeda like preznit Don D. Drain is fighting with psychopaths within.

    Meanwhile, back at reality (Seaports With Sea Level Change – 5).

  11. Robert Inget on Mon, 19th Aug 2019 10:04 am 

    There’s little doubt as to Venezuela’s current export abilities.
    Let’s go back to 1944.
    Stalins army was poised to liberate Warsaw. Instead, it called out the polish resistance to take arms against the Nazis. 200,000 Poles were killed or injured while Russian troops stood by on Stalin’s orders. When the Germans were also finally exhausted, Stalin ordered his Communist
    Polish and Russian troops to move in.

    Venezuela has reached 1945 Warsaw levels politically. Russia and China are now in complete
    control of the situation. While Venezuelan democrats were not murdered, they have, for the most part emigrated.

    Venezuelan oil industry will be rebuilt. It will be Russian and Chinese oil companies doing it.

    Once China has almost endless Venezuelan oil as leverage, USD$ dominance ends.
    US shale, Saudi elephant fields a memory.

    The US may sustain energy independence with GOM and Canadian imports and plentiful natural gas.

  12. JuanP identity fraud on Mon, 19th Aug 2019 10:20 am 

    Davy on Mon, 19th Aug 2019 4:52 am
    Davy on Mon, 19th Aug 2019 6:12 am

  13. Davy on Mon, 19th Aug 2019 10:20 am 

    “Germany Prepares Stimulus In Case Of “Deep Recession”
    https://tinyurl.com/y49z8dne zero hedge

    “Bloomberg reported on Monday that the German government is preparing to embrace new fiscal stimulus measures should its economy stumble into a deep recession, “citing two people with direct knowledge of the matter.” Last time around, when the German economy succumbed to the global financial panic during the great financial crisis, the German government similarly doled out bonuses to prod Germans to buy new cars. Now, the government is studying incentives to improve energy efficiency of homes, promote short-term hiring and boost income through social welfare. Berlin could inject 50 billion euros ($55 billion) of extra spending, Finance Minister Olaf Scholz said on Sunday, adding that Germany has the fiscal strength to counter any future economic crisis “with full force.”

  14. Davy on Mon, 19th Aug 2019 10:21 am 

    “And Now, the Really Big Coal Plants Begin to Close”
    https://tinyurl.com/y55dlb6s scientific America

    “It’s just the economics keep moving in a direction that favors natural gas and renewables. Five years ago, it was about the older coal plants becoming uneconomic,” said Dan Bakal, senior director of electric power at Ceres, which works with businesses to transition to clean energy. “Now, it’s becoming about every coal unit, and it’s a question of how long they can survive.” Coal plant closures have been a feature of U.S. power markets for the better part of a decade, as stagnant demand, low natural gas prices and increasing competition from renewables have battered the coal fleet. In previous years, most retirements were made up of smaller and lesser-used units (Climatewire, April 27, 2017). That means the emissions reductions were less substantial…There’s also this: The vast majority of super-polluters have no closure date in sight. That’s because massive coal plants generally benefit from large economies of scale. Because they crank out power around the clock, their cost of generating electricity is relatively cheap. “The coal plants remaining have generally installed all the environmental controls,” Larsen said. “There are no additional regulatory threats, or they are cost-effective in a world where gas is $2.50 per MMBtu.” Another caveat: Coal plant closures don’t guarantee power-sector emissions reductions on their own. In 2018, power-sector emissions increased for the first time in many years because electricity demand rose, prompting natural gas generation to spike (Climatewire, Jan. 14).”

  15. JuanP identity fraud on Mon, 19th Aug 2019 10:40 am 

    Davy on Mon, 19th Aug 2019 10:20 am

    Davy on Mon, 19th Aug 2019 10:21 am

  16. dave thompson on Mon, 19th Aug 2019 12:31 pm 

    Ever heard of the global masking effect? AKA global dimming? Stop burning coal at scale and the planet heats up within days/weeks.

  17. Duncan Idaho on Mon, 19th Aug 2019 1:01 pm 

    There’s little doubt as to Venezuela’s current export abilities.
    With sanctions, there is little market to export into.
    They are surviving.
    With the largest reserves on Earth (a bit heavy and hard to refine), all the psychopaths are sexually aroused to exploit them.
    They learned their lesson with the lockout- not going to let the psychopaths take over.
    But agree, China and Russia will be controlling that big supply.

  18. Duncan Idaho on Mon, 19th Aug 2019 1:05 pm 

    Hint: We are not at peak oil, as that was November of 2018, we are currently about 2 million barrels a day under that.
    Not going to exceed that in 2019.
    We shall see in 2020 or 2021.

  19. Duncan Idaho on Mon, 19th Aug 2019 1:29 pm 

    “At this point any major rebound isn’t going to make a difference, if a Oil major started on a new megaproject it would be between 5 and 7 years before new oil reaches the market, and very unlikely to offset declines from existing production (5% to 7% annual declines). We are already behind the curve on gains from any new projects to offset ongoing declines with out shale growth). Perhaps a some of the declines in existing fields could be offset some with higher oil prices. Still reaching to scrap the bottom by trying to extract trapped oil in fields in terminal decline. With all of the supergiants in terminal decline (with the exception of Kazakhstan), its going to be very difficult to expand production further.”
    We shall see—

  20. Davy on Mon, 19th Aug 2019 1:40 pm 

    Any HP #9 reports from the weekend?

  21. Robert Inget on Mon, 19th Aug 2019 2:02 pm 

    Duncan nails it with Kazakhstan. So far sanctions on Russia holding up that elephant field.
    If God forbid Trump is reelected he will do as Putin demands and kill those sanctions.

    It does take years to develop big oil fields.
    ExxonMobil announces eighth oil discovery offshore Guyana …
    https://www.stabroeknews.com/2018/news/guyana/06/20/exxonmobil-announces-eighth-oil

    Jun 20, 2018 · ExxonMobil Corporation said today it made its eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. In a release ExxonMobil said it encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir.(30)

    XOM begins to deliver 200,000 barrels P/D beginning in 2020.
    While a GOOD shale well might produce for five years, these offshore Guyana wells will be turning out 500,000 B p/d till oil demand falls below 100
    M B p//d.

    This field could rival Saudi Arabia in size and longevity.

  22. Robert Inget on Mon, 19th Aug 2019 2:08 pm 

    “Just as the thin Global Iridium rich layer resulting from the Chicxulub meteor impact marks the boundary between the Cretaceous Age and Tertiary Age; someday in the distant future, Geologists will identify the age of sediments by the introduction of polyethylene and polypropylene pellets as a distinct time marker.

    The pellets will indicate that we were here; and, made a Global impact.

    Cro-Magnon Man, Neanderthal man, Homo Sapiens, Plastic Man”.

    https://www.youtube.com/watch?v=f95UCJs2rUA

  23. JuanP identity fraud on Mon, 19th Aug 2019 4:18 pm 

    Davy on Mon, 19th Aug 2019 1:40 pm

  24. claes on Mon, 19th Aug 2019 4:34 pm 

    Tobias, have you ever noticed, that not one single white person have ever been declared a buddha, although buddha-hood is available for all living species.
    And could a present day buddha ignore polution ,overpopulation and a plethora of negative influencies in to days world, and still maintain the buddhahoods basic noninterference in human activities.
    What would jesus do in todays complete mess.
    I am kind of a buddhist, but it seems to me that nonenterferrence in present day problematics is not an option if you have love of life in all its aspects.

  25. T. Tobias on Mon, 19th Aug 2019 6:52 pm 

    Hello claes:

    Wishing you peace. Thank you for your words of reflection and truth.

    I notice how this website is a microscopic reflection of the society at large. Do you recognize the same?

  26. Davy ID Theft & Sock Puppetry on Mon, 19th Aug 2019 6:54 pm 

    JuanP identity fraud on Mon, 19th Aug 2019 4:18 pm

    Davy on Mon, 19th Aug 2019 1:40 pm

  27. Davy on Mon, 19th Aug 2019 6:56 pm 

    I say again all after break:

    Seeking all HP #9 reports from weekend.

    Please, don’t be bashful.

  28. Davy on Mon, 19th Aug 2019 7:18 pm 

    “There’s little doubt as to Venezuela’s current export abilities. With sanctions, there is little market to export into.”
    AH, Idaho, they can hardly cover domestic demand how much are they going to export?

    “They are surviving.”
    Surviving and slow death are too different conditions. This is a systematic condition and very much a home-grown economic issue. This is much greater than the US and sanctions.

    “With the largest reserves on Earth (a bit heavy and hard to refine), all the psychopaths are sexually aroused to exploit them.”
    Geeze, Idaho, largest reserves don’t mean shit when much of that oil is not economic and may never be. You are exaggerating like your pal bobby. You two have such an emotional attitude to all this. You like to call people fat and psychopaths but maybe it is you who has issues. Do you give a shit that maybe some people here might be fat? What about you? You act like you are a beauty or something. I bet you are a worn out 70 something thinks he is young shit.

    “But agree, China and Russia will be controlling that big supply.”
    LOL, you have no idea who is going to control Venezuela’s crude but you and bobby want for it to Be Russia and China. Why don’t you go back from where you came from. You and several others here obviously hate the place but stay to reap the rewards…disgusting people on the West Coast and not just Kanada. One thing is certain Russia and China have a big hair cut coming. You anti-Americans never talk about that. Venezuela is broke that means China will get pennies on the dollar and Russia likewise.

    “Hint: We are not at peak oil, as that was November of 2018, we are currently about 2 million barrels a day under that.”
    Hint, Idaho, do you have any references? I mean define your peak oil parameters. You used one sloppy sentence to try to look keen instead you look stupid.

  29. Davy on Mon, 19th Aug 2019 7:18 pm 

    “And could a present day buddha ignore polution ,overpopulation and a plethora of negative influencies in to days world, and still maintain the buddhahoods basic noninterference in human activities.”
    Claes, I think there is more to it than that with Buddhism. There are aspects about life that are beyond comprehension and interference. The authentic human will be himself and do as he will.

    “What would jesus do in todays complete mess.”
    Jesus, would be pissed if he saw what was going on probably like with the money changers.

    “I am kind of a buddhist, but it seems to me that nonenterferrence in present day problematics is not an option if you have love of life in all its aspects.”
    I see local action but action at the top is useless. If you think you can change anything there you are clueless. It is over except at the local level.

  30. Davy on Mon, 19th Aug 2019 7:19 pm 

    “God Of Chaos” Asteroid Will Get Closer Than Orbiting Satellites In 2029, Researchers Warn Impact Would Be “Devastating For All Life”
    https://tinyurl.com/y2samfln zero hedge

    “It may be 10 years away, but NASA is already preparing for the arrival of what is being called the “God of Chaos” asteroid, which is slated to skim past the earth in 10 years, according to Express. The asteroid has been named 99942 Apophis. The asteroid is gargantuan, measuring 340 meters across, and will come within 19,000 miles of the earth’s surface. It’s one of the largest asteroids to ever pass so close to the earth and a collision with it could be “devastating for all life on earth”. No word on whether or not it’ll wipe out all student debt, however. The asteroid will even get closer to the earth than most communication and weather satellites that are currently in orbit. These satellites are about 22,236 miles from earth. Meanwhile, the asteroid is traveling at about 25,000 mph, meaning that if it were to be slightly jarred off of its course, it could be a catastrophe for the earth. The asteroid’s size and its proximity to the earth have resulted in it being categorized as a “Potentially Hazardous Asteroid” (PHA). NASA scientists are aware that the asteroid’s trajectory could change between now and 2029, raising potential fears of a collision. Should it not collide with earth, it’s expected to shine “exceptionally bright” and pick up speed as it passes our planet. It’s moving so fast that it will cross the width of the moon in a minute and will be as brightly lit as the stars.”

  31. Davy on Mon, 19th Aug 2019 7:19 pm 

    Makato, I though dollars were Charmin? LOL.
    “Dollar Soars to New 2019 High Even as Trump Laments Its Strength”
    https://tinyurl.com/yygrndkl bloomberg

  32. juanpee shit today on Mon, 19th Aug 2019 7:19 pm 

    Davy on Mon, 19th Aug 2019 1:40 pm
    Any HP #9 reports from the weekend?
    JuanP identity fraud on Mon, 19th Aug 2019 4:18 pm
    Davy on Mon, 19th Aug 2019 1:40 pm
    Davy ID Theft & Sock Puppetry on Mon, 19th Aug 2019 6:54 pm
    JuanP identity fraud on Mon, 19th Aug 2019 4:18 pm
    Davy on Mon, 19th Aug 2019 1:40 pm
    Davy on Mon, 19th Aug 2019 6:56 pm
    I say again all after break:
    Seeking all HP #9 reports from weekend.
    Please, don’t be bashful.

  33. Davy on Mon, 19th Aug 2019 7:20 pm 

    signing off until morning. Anything tonight is from the troll juanpee.

  34. Davy on Mon, 19th Aug 2019 7:39 pm 

    When I say I am signing off, what I really mean is, I will be documenting everything you fucknuts say that I disagree with, which is all of it, and then post snide replies using one of stupid made up names. OR I will just steal someone else handle like I usually do and make my posts that way. Whatever I decide to do, I will be here 20 hours today, like every day, moderating your Anti-American extremism. So, even though I say I am signing off, I am really doing the opposite.

    Thank you for paying attention to me. It means a lot, it really does.

  35. More juanpee ID fraud on Mon, 19th Aug 2019 11:08 pm 

    Davy on Mon, 19th Aug 2019 7:18 pm
    Davy on Mon, 19th Aug 2019 7:19 pm
    Davy on Mon, 19th Aug 2019 7:19 pm
    juanpee shit today on Mon, 19th Aug 2019 7:19 pm
    Davy on Mon, 19th Aug 2019 7:20 pm
    Davy on Mon, 19th Aug 2019 7:39 pm

  36. OBVIOUS DAVYSKUM ID THEFT on Tue, 20th Aug 2019 1:02 am 

    More juanpee ID fraud on Mon, 19th Aug 2019 11:08 pm

  37. Davy on Tue, 20th Aug 2019 1:04 am 

    I wrote and approve the following. Anybody who claims these are not my posts must be juanpee:

    Davy on Mon, 19th Aug 2019 7:18 pm
    Davy on Mon, 19th Aug 2019 7:19 pm
    Davy on Mon, 19th Aug 2019 7:19 pm
    juanpee shit today on Mon, 19th Aug 2019 7:19 pm
    Davy on Mon, 19th Aug 2019 7:20 pm
    Davy on Mon, 19th Aug 2019 7:39 pm

  38. Davy on Tue, 20th Aug 2019 8:45 am 

    FYI Davy signing off again for today. All posts under Davy are juanpee. For anyone that wants to read Zerohedge articles all by themself: http://www.zerohedge.com
    I’m sure y’all don’t need my help.

  39. Rick on Tue, 20th Aug 2019 10:19 am 

    I don’t care what other countries do (It’s none of my business).

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