Venezuela tells China oil prices won’t be set by the U.S. after Maduro capture
Venezuela has assured Beijing that oil prices will not be dictated by the United States and that China’s investment in the South American country will remain safe, according to state media.
Speaking at a press conference on Tuesday, Venezuelan Ambassador to China Remigio Ceballos dismissed reports that Washington would influence the price China pays for Venezuelan crude, saying Caracas would not comply with US regulations.
The Wall Street Journal reported last month that U.S. President Donald Trump was considering establishing control over Venezuela’s state-run oil company, Petróleos de Venezuela SA, or PDVSA. Reducing prices to $50 per barrel.
“When it comes to oil pricing, Venezuela will not listen to the regulations of the United States or other countries. We have the right to make independent decisions and oil prices will be determined according to international market prices,” Ceballos said. he said.
The comments come nearly a month after the United States captured Venezuelan President Nicolás Maduro and his wife, Cilia Flores, in a surprise military operation and moved to exert influence over the oil industry through sanctions and oil sales.
China, which has absorbed most of Venezuela’s crude exports at huge discounts due to US sanctions, condemned the US military attack on Venezuela and called for the release of Maduro.
Ceballos called Maduro’s capture “a warning to the whole world” but sought to downplay its impact on Venezuela’s ties with China. “China and Venezuela are reliable partners,” he said, adding that the relationship is built on mutual trust and cannot be shaken by any third country.
The ambassador also sought to reassure China that its investment in Venezuela would be safe. “Investments by Chinese companies and other nations operating in Venezuela continued to progress as usual. Not only the oil sector, but all areas of cooperation will remain unaffected.”
Maduro’s capture has raised concerns about the future of China’s investment in Venezuela, as Beijing is among the few active foreign players in the South American country; This gap was filled after US sanctions limited American participation.
State-owned oil giant China National Petroleum Corporation joint ventures Along with PDVSA, China Concord Resources Corp., a private company. was announced in August Plans to invest more than $1 billion According to Reuters, the Venezuelan oil project aims to produce 60,000 barrels per day by the end of 2026.
Venezuela holds world’s largest proven oil reservesBut crude oil production has remained weak after decades of mismanagement, underinvestment and U.S. sanctions.
The Trump administration has argued that US-led industrial reform aimed at increasing oil and gas production and attracting foreign investment is positive for Venezuela and its people. Higher oil production and lower prices would also help lower energy costs for American consumers.
Secretary of State Marco Rubio testifying on Capitol Hill US government said‘s involvement in the sale of Venezuelan oil was a short-term plan aimed at stabilizing the country and keeping the government afloat.
Washington returns all $500 million from first oil sale to Venezuelan government, Reuters reportedciting a US official.
US government too reportedly It has moved to issue a general license that would allow companies to trade, transport and refine Venezuelan crude as part of efforts to ease sanctions and revive the flagging energy industry.
It was reported that the White House made a request to Venezuela after the military operation on January 3. Cutting economic ties with ChinaRussia, Iran and Cuba, according to ABC News.
But over the weekend, Trump softened his tone, saying Chinese and Indian investments would be welcomed. “China coming in would be welcome and they’ll make a big deal out of oil,” he said Saturday on an Air Force One flight to Mar-a-Lago.
Chinese President Xi Jinping said Beijing will work with Uruguay, his Uruguayan counterpart Yamandu Orsi said on Tuesday. “equal and orderly multipolar world.” Orsi becomes first South American leader to visit China since Maduro’s capture
One meeting On Tuesday, Chinese President Xi Jinping, joined by Uruguayan counterpart Yamandu Orsi – the first South American leader to visit China since Maduro’s capture – said the country would work with Uruguay to build a peace. “equal and orderly multipolar world.”
Xi added that China has always valued its relations with Latin American and Caribbean countries and supported their sovereignty, security and development goals.
