China stops buying oil from Venezuela; PetroChina cuts trade after US takes over Caracas oil industry
State-owned PetroChina has completely stopped buying oil from Venezuela, RIA Novosti reported, citing Reuters.
The main reason for this decision has been stated to be US sanctions against Venezuela and the sharp increase in the country’s oil prices under pressure from Washington.
The report emphasizes that after the US military invasion of Venezuela, the kidnapping of Nicolas Maduro (Venezuelan President) and Washington’s seizure of control of the country’s oil industry, the US began actively selling Venezuelan oil on the global market, as a result of which PetroChina suddenly stopped buying from Caracas.
PetroChina has informed Venezuelan oil sellers that trade with Venezuela is no longer possible after the United States takes control of the country’s oil resources.
