Venezuela has assured Beijing that oil prices will not be affected by the US and that Chinese investments in the South American country will remain safe, state media reported.
Speaking at a press briefing on Tuesday, Venezuela’s ambassador to China, Remigio Ceballos, denied reports that Washington would affect the price China pays for Venezuelan crude, saying Caracas would not abide by the US deal.
The Wall Street Journal reported last month that U.S. President Donald Trump is considering taking control, including of Venezuela’s state oil company Petroleos de Venezuela SA, or PDVSA. decrease to 50 dollars per barrel.
“Regarding the price of oil, Venezuela does not follow the agreements of the United States or other countries. We have the right to make independent decisions and the price of oil is determined by the prices on the international market,” Ceballos said.
The comments came after the US captured Venezuelan President Nicolas Maduro and his wife Cilia Flores in a surprise military operation and moved to influence the oil sector through sanctions and negotiations.
Due to US sanctions, China has absorbed most of Venezuela’s raw material exports at steep discounts was convicted The US launched a military attack on Venezuela and called for Maduro’s release.
Ceballos described Maduro’s arrest as a “warning to the whole world” but tried to downplay the impact on Venezuela’s ties to China. “China and Venezuela are reliable partners,” he said, adding that the relationship is based on mutual trust and cannot be pushed by any third country.
The ambassador also wanted to assure China’s investment in Venezuela would be safe. “Chinese enterprises operating in Venezuela and investments from other countries continued to progress as usual. Not only the oil sector, but all spheres of cooperation will not be affected.”
Maduro’s capture has raised concerns about the future of Chinese investment in Venezuela, as Beijing has been one of the few active foreign players in the South American country – a gap filled after US sanctions limited American involvement.
State-owned oil giant China National Petroleum Corporation joint ventures with PDVSA, and privately owned China Concord Resources Corp. announced in August plans to invest more than USD In a Venezuelan oil project that aims to produce 60,000 barrels per day by the end of 2026, according to Reuters.
Venezuela holds the world’s largest proven oil reservesbut its crude production has remained sluggish after decades of mismanagement, underinvestment and US sanctions.
The Trump administration has hailed US industry reforms aimed at increasing oil and gas production and attracting foreign investment as positive for Venezuela and its people. Higher oil production and lower prices are also helping lower energy costs for American consumers.
Secretary of State Marco Rubio testifies on Capitol Hill said the US governmentParticipation in the sale of Venezuelan oil was a short-term plan aimed at stabilizing the country and keeping the government in place.
Washington returned all 500 million dollars of oil proceeds to the Venezuelan government, Reuters reports reportedUS official reports.
So is the US government reported has moved to issue a master license that allows companies to sell, transport and refine Venezuelan crude as part of efforts to ease sanctions and revive the energy sector.
After the January 3 military operation, the White House reportedly demanded from Venezuela Cut off economic ties with ChinaRussia, Iran and Cuba, reports ABC News.
But over the weekend, Trump appeared to soften his tone, saying he welcomed investment from China and India. “China is welcome to come and will make a big deal on oil,” he said Saturday on Air Force One as he flew to Mar-a-Lago.
Chinese President Xi Jinping said his Uruguayan counterpart, Yamandu Orsi, said on Tuesday that Beijing would work with Uruguay on construction. “an equal and orderly multipolar world”. Orsi became the first South American leader to visit China after Maduro’s capture
a a meeting With his Uruguayan counterpart Yamandu Orsi on Tuesday — the first South American leader to visit China since Maduro’s capture — Chinese President Xi Jinping said the country would work to build cooperation with Uruguay. “an equal and orderly multipolar world”.
Xi said China always values relations with Latin American and Caribbean countries and supports their sovereignty, security and development goals.