Venezuela to double discount on oil to Asia due to flood of sanctioned crude

Oil buyers in Asia are demanding deep discounts on Venezuelan crude due to a flood of sanctioned oil from Russia and Iran on offer and to heightened risk of loading in the South American country as the U.S. boosts its military presence in the Caribbean, traders and other sources said.



Venezuela has managed to increase oil exports this year from 2024 volumes even as Washington has ratcheted up pressure on President Nicolas Maduro. The U.S. Navy has not disturbed oil tankers from Venezuela but it has struck boats in the Caribbean Sea that were suspected of smuggling drugs.



President Donald Trump's administration has threatened to extend military operations to land targets.