China-Bound Tankers Abandon Venezuela Oil Run

Two Chinese supertankers have turned around en route to Venezuela, ship-tracking data shows. The vessels were sailing to collect crude oil from the South American nation. The reversal follows a recent U.S. move to lift some restrictions on Venezuela's oil sector. Last week, Washington approved a $2 billion deal to export millions of barrels of stored Venezuelan oil. U.S. President Donald Trump stated that China would still have access to Venezuelan crude. China is a major buyer of the country's oil, often received as repayment for loans. The tankers, which are now heading back to Asia, were likely sent to load cargoes under such debt-payment agreements. Their change in course suggests immediate shipping plans have shifted, despite the U.S. policy change. The data, from LSEG, was recorded on Monday.