Chinese Refiners Expected to Replace Venezuelan Oil With Iranian Crude, Traders Say

A view inside Shandong Haike Group is seen in Dongying, Shandong province, China, Jan. 11, 2017. Photo: REUTERS/Aizhu Chen

Chinese independent refiners are expected to switch to heavy crude from sources including Iran in coming months to replace Venezuelan shipments halted since the US removed the country’s president, traders and analysts said.

Caracas and Washington agreed to export up to $2 billion worth of Venezuelan crude to the United States, President Donald Trump said on Tuesday...