Venezuela told China that its oil prices will be set by global markets, not U.S. pressure, as Caracas seeks to reassure investors amid sanctions uncertainty and renewed geopolitical tensions.
WEBDESK – Act Global Media
Venezuela has told China that its oil pricing will follow international markets and not be dictated by the United States, as Caracas seeks to reassure investors after high tensions over control of the country’s oil sector.
At a press briefing in Beijing on Tuesday, Venezuelan Ambassador to China Remigio Ceballos pushed back against reports that Washington could influence the price China pays for Venezuelan crude. He said Caracas retains full control over its pricing decisions and will base them on market conditions, not U.S. pressure.
Recent global reporting suggested that Chinese oil imports from Venezuela — long the country’s largest crude buyer — are expected to decline after the United States asserted greater control over Venezuela’s oil exports following the capture of President Nicolás Maduro in early January. Under new arrangements, U.S. authorities are enabling China to purchase Venezuelan oil, but at fair market prices and not the deeply discounted rates seen under prior Venezuelan leadership.
The United States has also taken steps to reintegrate Venezuelan oil into global markets. The U.S. has returned the full $500 million from an initial Venezuelan oil sale back to Caracas under terms aimed at stabilizing the economy and supporting essential public services, according to a U.S. official.
China has condemned the U.S. military operation that ousted Maduro and has called for his release, even as Venezuelan officials emphasize that Chinese investments remain secure. Ceballos said Chinese firms and other international partners continue their operations in Venezuela without disruption and that cooperation will continue across petroleum and other sectors.
The assurances come amid a dramatic realignment of Venezuela’s oil industry, which has been reshaped by sanctions and shifting geopolitical alliances. For U.S. policymakers, controlling Venezuelan oil exports and production has become a key element of broader efforts to influence global energy markets and strengthen ties with Western oil companies.
With global interest in Venezuela’s vast oil reserves still high, both Beijing and Washington are watching closely how Caracas navigates pricing, foreign investment, and geopolitical pressures in the months ahead.
