US EditionChina's Venezuela Oil Assets at Risk as US Asserts Control
U.S. control of Venezuela's oil exports disrupts China’s repayment of about $10 billion in oil-backed loans, affecting Beijing-controlled accounts and debt servicing.
- On Jan 23, the U.S. takeover of Venezuela's oil exports re-routed 642,000 barrels per day previously sent to China, with a small fraction used to service debt, internal PDVSA records show.
- After U.S. sanctions and a sovereign default limited debt transparency, the Trump administration sought to control Venezuelan oil and urged Caracas to cut ties with China, Russia and Iran.
- AidData's data show the scale of China's exposure with $106 billion lent to Venezuela from 2001–18; Beijing is still owed about $10 billion–$12 billion, while JP Morgan estimates $13 billion–$15 billion.
- Bondholders are pressing claims in the Citgo auction as traders offered U.S.-approved Merey cargoes to Chinese and Indian refiners, while some sales proceeds may have reduced Venezuelan debt.
- Analysts say China could pivot to Russia or Iran for supplies if Venezuelan oil volumes decline, and experts argue the U.S. move could hasten China's energy independence drive.
19 Articles
19 Articles
China’s interests in Venezuela now subject to Trump preferences: Report
New Delhi: With deposing Venezuela’s Nicolas Maduro and taking over the country’s oil industry, the US is in the position to derail China’s ambitions in the South American country in the near future, according to reports. Beijing’s foothold there is in doubt as the US asserts new power over Venezuela’s oil patch, reports the Wall Street Journal. “Beijing’s production deals, oil rigs and debt-backed supply arrangements have long bought it enormou…
Washington, Jan 25 (EFE).- The ambitious plan of the US president, Donald Trump, proposed for the Venezuelan oil industry after the deposition of Nicolás Maduro has before him a complex mix of technical, financial and political obstacles that make it very difficult to resurrect the previous levels of crude oil production in the Caribbean country. Venezuela has gone from the 3 million barrels per day it produced before the arrival of Chavismo, mo…
China hits US with economic counteroffensive after Maduro's...
China has responded to the abduction of Venezuelan President Nicolas Maduro by the United States with coordinated economic force, delivering a direct blow to US power and signaling a decisive shift toward a multipolar world order, a report says. China sharply condemned the January 3 abduction of Maduro and the violation of Venezuela's sovereignty, concluding that Washington was attempting to weaponize control over Venezuelan oil to curb China's …
A ramp-up of oil production in the South American country, as US President Donald Trump calls for, would significantly exacerbate the climate crisis, resulting in an estimate of additional CO2 emissions.
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