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Trump Administration Alleges China Purchased Venezuelan Oil from US
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China Buys Venezuelan Oil from US, Trump Admin Confirms
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Moneycontrol
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12-02-2026, 14:43
China Buys Venezuelan Oil from US, Trump Admin Confirms
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Energy Secretary Chris Wright confirmed China bought Venezuelan crude previously acquired by the US.
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The US seized former President Nicolás Maduro and asserted control over Venezuela's oil industry in January.
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China was the largest buyer of Venezuelan crude before the US intervention, often at deep discounts due to sanctions.
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President Donald Trump stated Venezuela would turn over 30-50 million barrels of sanctioned oil to the US.
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JPMorgan Chase & Co. predicts Venezuelan oil production could reach 2 million barrels a day within 2-3 years.
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