EconomyLoss of Venezuelan, Iranian crude could push Chinese refiners to seek alternatives: Analyst

China has softened the impact of higher oil prices by tapping crude stockpiles, reducing fuel exports and benefiting from more electrified transport. However, discounted supplies from Venezuela and Iran have come under pressure after the Trump administration announced it would take over a fifth of Venezuela’s crude reserves and amid an ongoing US blockade of Iran. Tom Reed of Argus says Chinese refiners may need alternative supplies.