Venezuelan crude is finding its way back to buyers, but the terms tell a different story than before. Chinese refiners were snapping up Merey barrels when discounts hit $15–$20 per barrel against Brent benchmarks. Fast forward to now: that gap has shrunk to around $5. The tighter discount raises an uncomfortable question—is actual demand still there, or are we just seeing inventory movements masking weaker appetite? For traders monitoring macro conditions and commodity supercycles, this shift in energy markets signals something worth watching as global growth dynamics continue shifting.