Venezuela: Crude oil and fuel exports increase 8% in June

Business Business: Venezuela exported 844,000 barrels per day of crude oil and fuel in June, an 8% rise from the previous month. The increase was due to more cargo sent to China, offsetting losses from U.S. and European markets.

In late May, Washington terminated licenses granted to partners of petroleum company PDVSA that allowed them to export Venezuelan crude to U.S. and European refineries. Despite this, Venezuela has increased exports to Asia and used smaller intermediates to make cargo deals with independent refiners in China.