SINGAPORE, Dec 15 (Reuters) - The volume of Venezuelan oil already headed to China before the U.S. seized a Venezuelan tanker last week, plus a glut of crude in storage and weak demand, will limit the near-term impact of the move in the Chinese market, traders and analysts said. Exports from the South American producer
since the U.S. seized a tanker off Venezuela's coast and imposed new sanctions on shipping firms and vessels doing business with it, with the prospect of further seizures deterring shipments.
China, the world's no. 1 oil importer, is the biggest buyer of Venezuelan crude, though Venezuelan supply accounts for only around 4% of its total crude imports. Venezuelan oil arrivals to China are on track to rise this month and next, traders and analysts say, thanks to a spate of exports over the previous four months, deepening discounts on crude that can take up to 60 days to reach the independent refiners that are its main buyers.
