00:00The Trump administration is allowing China to purchase Venezuelan oil, but only at the so-called fair market prices,
00:08not the steep discounted rates that prevail under the government of former President Nicolas Maduro.
00:13U.S. officials say this adjustment follows Washington's decision to assume control over Venezuela's oil sales after Maduro's ousting earlier this month.
00:22Under the new terms, most Venezuelan oil is required to be sold to the U.S., even though sales will take place on global markets,
00:32and Chinese buyers will no longer benefit from the deeply discounted rates they received previously.
00:38According to industry sources, the United States is now receiving prices of around $45 per barrel, compared with roughly $31 per barrel under the old arrangements.
00:48Analysts and traders expect China's oil imports from Venezuela to decline sharply in the coming months,
00:54as fewer tankers are departing under the new U.S. controls, and much of the crude is redirected to meet American demand.
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