U.S. grip on Venezuelan oil threatens billions owed to China
Next on Washington's agenda in Venezuela is an attempt to restructure the nation's debt, which includes billions of dollars owed to China.
The United States is tightening its grip on Venezuela's oil resources, potentially creating a new source of conflict with China, according to recent developments. President Donald Trump has set his sights on seizing control of more than 65 billion barrels of Venezuela's crude reserves, signaling a broader strategy to undermine what the White House labels as "malign foreign actors" like China and Russia.
The administration's aggressive approach extends to restructuring Venezuela's debt, a significant portion of which is owed to China. In a significant move, U.S. Energy Secretary Chris Wright announced that Beijing will no longer have any claims to revenue from Venezuela's newly produced oil. This decision effectively cuts off one avenue for China to make repayments, potentially plunging the country deeper into financial strain.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
