11 Dec, 23

Russia, Iran To Benefit as Venezuelan Crude Discount Narrows

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Russia and Iran could see higher revenues from oil as sellers raise prices to China as a result of competition from temporary easing of sanctions on Venezuelan oil, Reuters reports.  With the temporary lifting of U.S. sanctions on Venezuela, which remain in question amid intensifying efforts to annex oil-rich Essequibo from Guyana, Venezuela oil prices have risen, creating more competition in the market. At the same time, Chinese teapot refineries, which are large buyers of discounted, sanctioned Russian and Iranian crude, are seeing…

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