Two massive China-flagged supertankers, the Xingye and Thousand Sunny, were headed to Venezuela to pick up oil cargoes meant to pay off Venezuela’s debt to China. But now, the ships have turned around, heading back to Asia after weeks of waiting in the Atlantic Ocean.
This surprising development highlights the ongoing struggle Venezuela faces under the US oil embargo, which has cut off direct exports to China, its biggest oil customer.
Venezuela’s Oil Deal Faces Challenges as US Sanctions Block Export Routes
The Xingye and Thousand Sunny were part of a group of supertankers responsible for delivering crude oil from Venezuela to China. These shipments were part of a deal where Venezuela repaid its debt to China with oil after needing to borrow money after the US applied sanctions in 2019.
But since December, no oil has been shipped to China due to the US-imposed blockade. This comes just after the US announced a $2 billion deal to export 50
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