President Donald Trump wants the US to sell Venezuela’s oil. But who would be interested in buying it? China has been one of Venezuela ‘s main buyers of oil for a long time.
However, its need for that oil is decreasing. This is because China is moving quickly towards electric vehicles. This shift means that China’s oil imports are not likely to be greatly affected by the recent US military actions in Venezuela or Trump’s efforts to get American companies to help fix Venezuela’s oil industry, according to CNN experts.
China can probably get the oil it needs from Russia or Iran instead. Still, there’s no doubt about China’s future oil demand. Analysts say it’s either already peaked or will soon start to drop.
CNN has reported that the Trump administration told the country’s interim president, Delcy Rodriguez, that the country should stop working with China, Iran, Russia, and Cuba, and instead only work with the US on oil production.
On Wednesday, US officials said the US would sell Venezuela’s oil.In a statement to CNN, China’s foreign ministry said the relationship between China and Venezuela is “legitimate and in line with the interests of both sides.” They also said the two countries’ cooperation is “unrelated to any third party, nor is it subject to third-party interference.”
China’s oil needs are important. As the world’s biggest oil importer, what happens with China’s oil choices affects the global oil market.Energy experts say this shows how differently the US and China are moving on the energy transition.
China is quickly leading in renewable energy and electric vehicles, while the US is focusing on drilling for oil both at home and abroad.