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Venezuela's $10 billion debt to China hinders Trump's oil plans
President Donald Trump's pledge to seize control of Venezuela's oil reserves faces a significant roadblock: China's substantial financial and energy stakes in the South American nation. These interests create a diplomatic minefield as Trump navigates delicate trade relations with Beijing ahead of a planned April visit.
China holds claims totaling at least $10 billion against Venezuela, repaid historically through oil shipments under former President Nicolás Maduro. State-owned giants China National Petroleum Corp. and Sinopec control rights to 4.4 billion barrels of Venezuelan crude reserves the largest allocation to any foreign entity, per a Morgan Stanley analysis. Beijing also purchases around 80% of Venezuela's crude exports, solidifying its position as the country's top customer.
Trump met Friday at the White House with oil executives, urging $100 billion in investments to overhaul Venezuela's petroleum infrastructure. Yet questions linger over resolving competing international claims. The administration revealed plans this week to oversee Venezuelan oil sales indefinitely, directing proceeds to U.S.-controlled accounts, starting with 30 to 50 million barrels from national storage facilities.
Beijing responded sharply to the U.S. military capture of Maduro, labeling it "deeply shocking" and a breach of international law, while demanding his immediate release. At the United Nations, Chinese officials decried the operation as "intimidation" that severely violates global norms and endangers regional stability. Foreign Ministry spokesperson Mao Ning stressed during a January 7 briefing that China's legitimate rights and those of other nations in Venezuela must be safeguarded. Commerce Ministry spokesperson He Yadong affirmed Beijing's unwavering commitment to deepening bilateral economic ties regardless of political shifts.
Experts anticipate Trump will steer clear of escalating tensions with China. "The administration appears intent on avoiding unnecessary flare-ups or fresh irritants with Beijing while holding Washington's upper hand," noted Craig Singleton, China program director at the Foundation for Defense of Democracies. The upcoming Beijing trip aims to sustain a one-year trade truce negotiated with President Xi Jinping last October.
The scenario echoes post-2011 Libya, where Chinese firms forfeited billions in investments after Muammar Gaddafi's fall. Beijing's Renmin University professor Cui Shoujun warned via guancha.cn that Venezuela's transitional government might void Maduro-era deals and deem China's debt illegitimate. Chinese investments extend beyond oil into telecommunications, railways, and ports, all now at risk according to a Jefferies report. From 2000 to 2023, Venezuela received $106 billion in loans from Chinese official creditors, ranking fourth globally per AidData research from William & Mary.
At Friday's session with leaders from Chevron, ExxonMobil, ConocoPhillips, and Shell, industry figures plan to withhold firm investment pledges amid volatility and lacking assurances, sources familiar with the preparations said. Still, Venezuela's vast proven reserves allure majors like Chevron, which maintained operations there; its shares surged over 5% following Maduro's capture.
