Chinese refiners yet to fully secure Venezuelan crude supply for Q2 Basrah spot differentials rally amid tight heavy crude supply Independent refiners also eye heavy sour Canadian grades Singapore — Iraq’s Basrah crude may cash in from the expected slowdown in heavy sour Venezuelan crude flows to China amid US sanctions on the South American producer, with spot differentials for Basrah Heavy hitting a multi-month high as Asia’s top oil consumer rushes to secure supply for the second quarter. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Venezuelan crude exports have been falling sharply since US sanctions were imposed on state-owned PDVSA in January, crimping not just payment mechanisms but also the supplies of diluent needed to dilute heavy Venezuelan grades to enable exports. China’s crude imports from Venezuela hit 469,000 b/d in January-February, up 30.7% year on year and 40.3% higher from the […]