US plans to resell Venezuelan oil amid China’s criticism
Former President Donald Trump announced that the United States will process and sell up to 50 million barrels of Venezuelan oil previously frozen due to sanctions. This move has drawn sharp criticism from China, which called it a violation of international law and a direct blow to its economic interests.
China has already paid for a significant portion of the Venezuelan oil under “loan-for-oil” and other agreements, and Trump’s decision to proceed disregards these contracts. The plan to redirect the oil to American refineries threatens China with multi-billion dollar losses. In an interview with The New York Times, Trump stated that the U.S. contract on Venezuelan oil remains valid for a year, and that the U.S. has already started profiting from the oil sales.
This development may escalate tensions between the U.S. and China and could potentially impact global energy markets in the near future.
