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Chevron shows way ahead as Reliance faces end of Venezuela sourcing

Ecuador 10 Energy - Conventional 384 Energy - Crude Oil 264 India 410 Sanctions 114 U.S. 4625 Venezuela 64

U.S. sanctions against Venezuelan oil exports will take full effect in November according to press reports. Reliance Industries in India will end its purchases which have included a barter system. Panjiva’s data shows Reliance cut its shipments from Venezuela to just 2.6% of the total in Q2’20 compared to 16.0% in Q4’18. U.S. buyers, including Valero, Chevron and Citgo, have long since backed away from Venezuelan oil with Chevron cutting shipments to zero in 2020 from 27.3% of its total U.S. seaborne imports in 2017. Chevron has instead increased sourcing from Ecuador, Brazil and Nigeria...

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