China buys Venezuelan oil from U.S.

China has reportedly purchased Venezuelan oil that was previously acquired by the United States.

Speaking in Caracas, U.S. Energy Secretary Chris Wright said that “China has already bought part of the oil sold by the U.S. government,” though he did not provide details about the size or terms of the deal. He also noted that legal Chinese business transactions conducted under legal conditions are welcome, News.Az reports, citing Bloomberg.

The development comes after major shifts in Venezuela’s oil sector following U.S. intervention. Since January 2026, global oil markets have been affected by U.S. actions that reportedly brought Venezuela’s oil industry under American control after the detention of former president Nicolás Maduro.

Before these developments, Chinese refineries were among the largest buyers of Venezuelan crude, often purchasing discounted shipments due to sanctions. Following the policy changes, U.S. President Donald Trump said Venezuela could transfer between 30 million and 50 million barrels of sanctioned oil to the United States.

Officials have also said Washington does not plan to restrict China’s access to Venezuelan crude.

Meanwhile, Venezuelan oil exports have also been directed to countries including India and Israel. Indian refiners have reportedly purchased large volumes of the Merey crude grade, while state companies have been encouraged to increase purchases of Venezuelan and U.S. oil.

According to JPMorgan commodities strategist Natasha Kaneva, Venezuela’s oil production could rise to around 2 million barrels per day within the next two to three years. OPEC data shows Venezuela was producing about 896,000 barrels per day as of December 2025.

The developments highlight shifting global energy trade dynamics amid geopolitical tensions and sanctions policies.

News.Az 

By Aysel Mammadzada