Venezuela exported 1.1 million bpd of crude oil and refined oil products in June, up by 26 percent from May, thanks to higher shipments under oil-for-loan deals with China, Reuters reported on Tuesday, citing Refinitiv Eikon data and company records of Venezuela’s state oil firm PDVSA. According to the oil company’s documents, China accounted for 59 percent of Venezuela’s oil shipments last month, with India and Singapore a distant second and third, with 18 percent and 10 percent of Venezuela’s oil exports, respectively. In May, Venezuela’s oil exports had slumped by 17 percent on the month to 874,500 bpd as the country had shut down almost all of its upgraders. Venezuela had to seriously reshuffle its crude oil and oil products export destinations earlier this year after the U.S. essentially prohibited Venezuelan oil imports to America. The United States imposed sweeping sanctions on Venezuela’s oil industry and PDVSA at […]