China’s refiners, all but cut off from Venezuelan crude in the past week as the US positions itself for access to the world’s largest oil reserves, are eyeing a pricier alternative source — Canada.
China’s refiners, all but cut off from Venezuelan crude in the past week as the US positions itself for access to the world’s largest oil reserves, are eyeing a pricier alternative source — Canada.
An oil tanker is loaded at the Westridge Marine Terminal at the end point of the Trans Mountain Pipeline System in Burnaby, British Columbia, Canada, on Sunday, Jan. 26, 2025. A project to triple the capacity of the Trans Mountain Pipeline still has a high value after massive cost overruns to build it, Canada's government spending watchdog concluded.
Oil moved higher as traders digested a mix of geopolitical risks that could add a premium to prices while continuing to assess US measures to exert control over Venezuela’s oil.
Oil moved higher as traders digested a mix of geopolitical risks that could add a premium to prices while continuing to assess US measures to exert control over Venezuela’s oil.
An oil refinery in Houston. Photographer: Mark Felix/Bloomberg
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