Over the last few years, Moscow has become Venezuela’s lender of last resort…

According to Reuters calculations based on PDVSA data, the Caracas-based company delivered around 463,500 bpd to Chinese firms between January and August, a roughly 60 percent compliance rate. That compares with around 176,680 bpd to Russian entities, or a 40 percent compliance rate.

Exclusive: Rosneft's Sechin flies to Venezuela, rebukes Maduro over oil shipments

Over the last few years, Moscow has become Venezuela's lender of last resort, with the Russian government and Rosneft handing Venezuela at least $17 billion in loans and credit lines since 2006, according to Reuters calculations. 

Sechin handed Maduro graphics about oil shipments to Russian entities compared with China, the two sources said.

Top financier China, which has ploughed more than $50 billion into Venezuela, also gets reimbursed in oil.

According to Reuters calculations based on PDVSA data, the Caracas-based company delivered around 463,500 bpd to Chinese firms between January and August, a roughly 60 percent compliance rate. That compares with around 176,680 bpd to Russian entities, or a 40 percent compliance rate.

Rosneft and PDVSA did not immediately respond to a request for comment.

One of the sources with knowledge of Sechin's visit, as well as two separate sources, said a Chinese delegation was also in Caracas this week.

As of early 2017, PDVSA began to fall months behind on shipments of crude and fuel under the loan deals with China and Russia due to problems in its oil industry, home to the world's biggest crude reserves, according to documents reviewed by Reuters.

The problems include operational mishaps, such as refining outages and delayed cleaning of tanker hulls, and financial disputes with service providers owed money by PDVSA.

This April, Rosneft and PDVSA signed a refinancing agreement designed to allow the Venezuelan company to catch up on delayed loan payments by delivering more crude to Rosneft. Under the refinancing, PDVSA has to provide Rosneft with some 380,000 bpd, up from around 310,000 bpd, according to Reuters calculations.

The Russian company was planning on using Jose's South dock to pick up the cargoes, before an August tanker collision delayed exports to Rosneft. PDVSA reopened the dock earlier this month, sources said.

China agreed to use ship-to-ship (STS) operations to avoid Venezuela's clogged ports. However, the clients to whom Rosneft sends Venezuelan crude, Russian-backed Indian refiner Nayara Energy and Indian conglomerate Reliance, did not agree to STS transfers, likely heightening delays.

Exclusive: Rosneft's Sechin flies to Venezuela, rebukes Maduro over oil shipments