By Lewis Jackson and Sam Li
Jan 5 (Reuters) – China is a major customer of and investor in Venezuela’s oil sector, which President Donald Trump aims to revive following the U.S. military’s ouster of President Nicolas Maduro on Saturday.
Years of mismanagement, underinvestment and, more recently, U.S. sanctions have slashed Venezuelan crude production to about 1.1 million barrels per day (bpd) last year from a peak of some 3.5 million bpd in the late 1990s, according to official figures.
Here are details on Beijing’s role in the country’s oil sector.
A MAJOR BUYER
Much of Venezuela’s exported oil is sold to China, although Beijing declares very little and imports are often rebranded. Imports hit about 470,000 bpd during 2025, according to energy analytics firm Vortexa, or roughly 4.5% of China’s seaborne crude imports.
Small independent refiners known as “teapots” are the main Chinese buyers of discounted Venezuelan crude. A portion also goes to repaying Caracas’ debt to Beijing, which analysts estimate exceeds $10 billion.
AN INVESTOR AND PRODUCER
Chinese investors poured $2.1 billion into the country’s oil sector after 2016, according to a 2023 estimate from the American Enterprise Institute, and are among a handful of foreign firms still operating in the country.
(Reporting by Lewis Jackson and Sam Li in Beijing;Editing by Tony Munroe and Louise Heavens)
