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US Venezuela oil push targets billions owed to China
Livemint··6 Sept
After targeting more than 65 billion barrels of Venezuelan crude reserves, the Trump administration plans to squeeze out China from the sector. US Energy Secretary Chris Wright said Beijing would have no claims on revenue from new Venezuela production. Analysts estimate Venezuela owed China at least $10 billion as of 2025, complicating any debt restructuring.
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What It Means For You
- China-linked Venezuelan oil revenue faces US efforts to block repayment channels.
- Wright said Beijing would have no claims on new Venezuela production revenue.
- Washington is also pursuing a 100-year concession package whose scope remains unclear.
What's Happening
- The US announced plans involving more than 65 billion barrels of Venezuelan reserves.
- The administration called China and Russia malign foreign actors in the hemisphere.
- The US took a 35% stake in a firm with access to 17 local oil fields.
China's Venezuela Exposure
- Analysts put Venezuela's debt to China at at least $10 billion as of 2025.
- Chinese state banks had extended more than $60 billion in oil-backed lending by 2015.
- China's foreign ministry said its Venezuela cooperation is protected by international law.
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