After a week of panic, Venezuela's oil flows again

Chinese traders and refiners told Reuters last month they would wait to see how the tariff order was implemented and whether Beijing would direct them to stop buying.

Some independent refiners temporarily paused purchases from Venezuela as they sought information on whether supply would remain available and at what price.

China is Venezuela's largest oil buyer, directly and indirectly taking in some 480,000 barrels per day (bpd) of crude and fuel this year. The US is the number two destination with 250,000 bpd, India is third with 63,000 bpd and Europe fourth with 44,000 bpd.

In the long run, analysts forecast oil output will decline between 150,000 and 350,000 bpd by year end if the wind-down period granted to buyers is not extended or secondary tariffs lifted. Venezuela produced 921,000 bpd of crude last year, according to figures reported to OPEC.