Is China Caving To U.S. Oil Sanctions?

China’s imports of crude oil from Venezuela dipped to a nearly nine-year low in September as major state-held Chinese companies back out of Venezuelan purchases, looking to avoid fallout from the tightened U.S. sanctions on Venezuela. According to data from China’s General Administration of Customs, as carried by S&P Global Platts, China imported 143,838 barrels per day (bpd) of Venezuelan oil last month, the lowest import volume since December 2010. Chinese buyers are expected to continue to shy away from buying Venezuelan oil…