Venezuela’s economic and oil industry demise is likely to result in its crude oil exports to China plummeting to their lowest level in almost eight years in July, Reuters reported on Friday, citing shipping data and people with knowledge of the issue. State-run PetroChina expects Venezuela cargoes loading in June for arrival in July to be half the usual volumes, two oil officials in Beijing told Reuters. The troubled state oil firm of Venezuela, PDVSA, has promised China that the gap in the July supply would be compensated in July cargo loadings expected to arrive in China in August or September, according to the officials. The drastic plunge of exports to China—an important customer, creditor, and political ally—shows the desperate state of Venezuela’s oil industry. “One of the best things about Venezuelan oil was its stable volumes for all these years and competitive prices,” a senior Chinese oil industry […]