- A Chinese defense firm has been shipping Venezuelan oil to China since 2020, Reuters has reported, citing unnamed sources, replacing state oil major PetroChina.
- China has been Venezuela’s biggest oil buyer since U.S. sanctions on Caracas were tightened in 2019, even though Chinese state oil firms ostensibly cut their trade ties with PDVSA.
- The government in Caracas, however, still expects to boost this to 2 million bpd by the end of the year and further to 3 million bpd in 2023.
The Chinese Defense Firm That Shipped $1.5 Billion Of Venezuelan Oil
