US EditionChinese refiners expected to replace Venezuelan oil with Iranian crude, traders say
Chinese refiners plan to replace halted Venezuelan oil imports with discounted Iranian and Russian heavy crude, which accounted for 4% of China's 2025 seaborne crude imports, analysts said.
- On January 7, 2026, Chinese independent refiners are expected to switch to heavy crude from sources including Iran in coming months, traders and analysts in Singapore said.
- Since January 1, loadings for Asia at Venezuela's main ports have stopped, linked to U.S. actions removing Venezuelan president Nicolas Maduro and a $2 billion Caracas-Washington export deal.
- Kpler data show China imported 389,000 barrels per day in 2025, about 4% of seaborne crude imports, while floating stocks cover roughly 75 days of demand, limiting alternatives.
- Buyers have yet to start sourcing alternatives, with Iranian Heavy crude priced at about $10 below ICE Brent, traders say.
- June Goh warned `The Venezuela drama hits China's independent refineries the hardest, as they may lose access to the discounted heavy barrels` and noted at least a dozen sanctioned vessels left Venezuelan waters in early January with 12 million barrels.
14 Articles
14 Articles
China's independent refiners in the coming months will begin switching to oil from alternative sources, including Iran, to compensate for the suspension of supplies from Venezuela after the removal of its president by the United States.
Chinese refiners expected to replace Venezuelan oil with Iranian crude, traders say
Chinese independent refiners are expected to switch to heavy crude from sources including Iran in coming months to replace Venezuelan shipments halted since the U.S. removed the country's president, traders and analysts said.
Venezuela's End: The Oil Question
Venezuela only has one realistic path forward: Oil. That doesn’t mean it’s a sure thing, though. So, let’s lay it all out.Most production comes from the Orinoco Belt, but it’s complex and expensive crude. Without foreign investment and involvement, this is a no-go. The Lake Maracibo region offers lighter, easier-to-refine oil, with better export access and infrastructure. However, this is a bit of a lawless region, so it would necessitate lots o…
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