OilPrice.com: CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare
Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday.
CPNC’s PetroChina has canceled loading plans in August that would have seen 5 million barrels of Venezuelan oil, the sources said, as the United States continues to squeeze Venezuela to loosen Nicolas Maduro’s hold on the troubled Latin American Country.
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Update #1: China’s Biggest Energy Company Shuns Venezuela Oil on Tighter U.S. Sanctions (Bloomberg)
Update #2: PetroChina Suspends Venezuelan Oil Imports In Huge Blow To Maduro (Zero Hedge)
WNU Editor: Russia has stepped in to purchase this oil. But if Russia stops buying Venezuela's oil, this would be a signal to everyone that Maduro is now truly alone.
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