U.S. takeover of Venezuelan oil: feedstock shock risk and an accelerating transition for China's independent refiners

Source: Mysteel Feb 03, 2026 14:47

In January 2026, the Donald Trump administration announced a direct takeover of Venezuela's oil industry, marking a shift in U.S. intervention from financial sanctions toward physical control of upstream assets and export flows. For China, and particularly for Shandong's independent refiners that rely on discounted Merey crude as a