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(Bloomberg) — A company backed by US energy magnate Harry Sargeant III has moved to export Venezuelan crude to Asia as US sanctions ease, with oil prices soaring to near $100 a barrel amid escalating turmoil in the Middle East.
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North American Blue Energy Partners Inc. is loading nearly 1 million barrels for delivery into China, according to a document seen by Bloomberg. The cargo may be the first delivery of Venezuelan oil to the Asian country since the US took control of the nation’s oil sales earlier this year.
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North American Blue Energy and a representative for Sargeant, who holds a minority stake in the company, didn’t immediately respond to requests for comment.
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The Trump administration is taking steps to ease sanctions against Venezuela following the capture of former president Nicolas Maduro in January. Last month, the US opened the doors for some traders and refineries to buy oil directly from state oil company Petroleos de Venezuela SA. The privilege to purchase supplies had been restricted to Vitol Group and Trafigura Group, the commodity trading companies enlisted by the US to help sell as much as 50 million barrels of oil.
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Sludgy Venezuelan oil can help replace some of the heavy production from Iraq that’s been impacted since the start of the Iran war. The conflict, which has upended global flows, may provide an outlet for the millions of barrels of Venezuelan crude currently sitting in storage tanks in the Caribbean.
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North American Blue Energy’s oil is currently loading onto the tanker Skage, the document shows. It’s expected to take 950,000 barrels of Merey 16 oil, one of Venezuela’s primary crude grades, for delivery to the port of Qingdao, in China.
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—With assistance from Patricia Garip.
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