Jan 6, 2026 – Chinese buyers have decided not to purchase Venezuelan crude this week due to a US blockade limiting exports and driving up prices.

Venezuela's Merey crude was being offered at a $13 discount per barrel compared to ICE Brent, as reported by sources who asked to remain anonymous due to the sensitivity of the information. This is an improvement from a $15 discount noted a month ago, before the US campaign against sanctioned tankers began.

Shipments of Venezuelan oil to China dropped sharply last month as the naval blockade intensified, according to data from Bloomberg. Sellers have raised their Merey prices due to these shipping disruptions, according to the sources.

China is the largest buyer of Venezuelan oil, with Merey often being used to produce bitumen for road construction in the country. A slower construction market and ample crude supplies among refiners have allowed buyers to hold off and look for better deals.

Additionally, there is an increasing stockpile of sanctioned oil stored on tankers, which provides a safety net for Chinese buyers in case US actions against Venezuela further disrupt supplies. According to data from intelligence firm Kpler, nearly 82 million barrels, including Venezuelan oil, are currently on tankers off the coasts of China and Malaysia.