China refiners shun Venezuelan crude as Merey discount narrows to $13 below Brent

Chinese refiners avoided Venezuelan crude this week as U.S. naval pressure lifted prices and squeezed discounts. The Merey grade's discount tightened from $15 to $13 below Brent, according to Bloomberg, while crude loadings to China fell last month. Kpler estimates 82 million barrels of sanctioned oil are held in floating storage near China and Malaysia, giving buyers a buffer.