China's Chambroad buys Canadian crude for May delivery, traders say

China's Chambroad buys Canadian crude for May delivery, traders say

US traders struggling to find buyers for Venezuelan oil, as China shifts supply chain to Canada

Inside China Business | February 2, 2026 Following the US takeover of the Venezuelan oil industry, commodities trading firms were given contracts to market the crude to buyers across the world, including to China. But Venezuelan crude oil is now being sold at far higher prices than before, with the profits routed through US companies and energy traders. The higher prices have pushed Chinese refiners out of the market for the heavy crude from Ven…