Venezuela has told China that its oil prices will be determined by global market forces, not by U.S. pressure, amid ongoing tension over U.S. control of Venezuelan oil sales after the capture of President Nicolás Maduro. Caracas also moved to reassure Chinese investors that their investments remain secure despite geopolitical uncertainty, emphasizing strong bilateral ties and independent decision-making on energy policy.
WEBDESK – MediaBites
Venezuela has told China that its oil prices will be determined by global markets, not U.S. pressure, and sought to reassure Beijing that Chinese investment in the country remains secure despite growing sanctions uncertainty.
Speaking at a press briefing, Venezuela’s ambassador to China Remigio Ceballos rejected reports that Washington could influence the price China pays for Venezuelan crude. He said Caracas would make independent decisions and would not follow arrangements set by the United States.
The comments follow a report that U.S. President Donald Trump had considered exerting control over Venezuela’s state-run oil company PDVSA and pushing prices down to $50 per barrel.
Ceballos’ remarks also come weeks after the U.S. captured Venezuelan President Nicolás Maduro in a surprise military operation and moved to assert influence over Venezuela’s oil sector through sanctions and negotiated oil sales. China has condemned the U.S. action and called for Maduro’s release.
Addressing investor concerns, the ambassador said Chinese companies operating in Venezuela would remain protected and that cooperation would continue across sectors, including energy. He described China and Venezuela as “trusted partners” whose relationship could not be swayed by third countries.
China has been a key buyer of Venezuelan crude, often at steep discounts due to U.S. sanctions. State-owned China National Petroleum Corporation has joint ventures with PDVSA, while private firm China Concord Resources Corp. has announced plans to invest more than $1 billion in a Venezuelan oil project by 2026.
Venezuela holds the world’s largest proven oil reserves, but production has remained weak after years of mismanagement, underinvestment and sanctions. The U.S. has recently signaled limited flexibility, including moves to ease sanctions and allow some oil trade, even as it seeks broader political leverage.
For Pakistan and other energy-importing countries, the standoff highlights how geopolitics continues to shape global oil prices and investment flows.
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