S&P Global Platts Analytics expects Venezuela to produce around 500,000 b/d from May to September, although a new Chinese consumption tax could put some of those volumes at risk. It sees Venezuelan output rising to 800,000 b/d by the end of 2022 if the Biden administration eases some sanctions, such as allowing a restart of crude-for-diesel swaps. “But absent sanctions relief, the Chinese tax change could make a fall to mid-2020 volumes of 300,000 b/d more likely,” said Paul Sheldon, Platts Analytics’ chief geopolitical adviser. The latest Platts OPEC survey and the Energy Information Administration both estimate Venezuela’s May output at 540,000 b/d. By Megan Gordon. Full Text-> S&PGlobal