PetroChina Suspends Venezuelan Oil Imports In Huge Blow To Maduro

[Tom Kirkman + 8,860]

This was unexpected.  Perhaps China is finally throwing in the towel and cutting its losses on the steaming pile of Socialist government that is Venezuela?

I've already mentioned a number of times here either early this year or late last year that it is probably only a matter of time before China either extracts its pound of flesh from Venezuela / PDVSA for money owed, or takes a haircut and abandons Venezuela to its Socialist end game of death and destruction.

The U.S. trade war with China perhaps has nudged Xi a bit regarding Maduro.  Waiting to see how this plays out.

 

PetroChina Suspends Venezuelan Oil Imports In Huge Blow To Maduro

"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.

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 prospectsamid 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.  ..."