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Latin Times
Latin Times
National
Demian Bio

Traders Have Reportedly Rebranded Over $1 Billion Worth of Venezuelan Oil As Brazilian To Bypass U.S. Sanctions

Oil Venezuela United States Chevron
Venezuela's oil industry, one of its few revenue spinners, is in trouble after the United States revoked the licenses of US and transnational energy firms operating in the country (Credit: AFP)

Traders have rebranded over $1 million worth of Venezuelan oil exports as Brazilian to circumvent U.S. sanctions, Reuters reported on Monday.

Citing two tanker tracking firms, documents and traders, the outlet said the move helps buyers cut logistical costs as well. Independent refiners in China are the main buyers of the oil and use Malaysia as a hub to receive the product. However, rebranding the oil allows the ships to travel directly to China, shortening the trip.

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