Indian and Chinese refineries are competing for cut-price Venezuelan crude cargoes after the US started to ease sanctions on the South American nation in a boon for VLCC operators, according to Tankers International (TI).
Monthly liftings rose from an average of two to five in 2023 to a total of 11 in December, the crude tanker pool operator reported.
“Chinese teapot refineries have been driving this development,” TI head of research Mette Frederiksen said.
