• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 5 hours Socialists want to exorcise the O&G demon by 2030
  • 1 day Chevron to Boost Spend on Quick-Return Projects
  • 9 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 19 hours Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 9 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day UK, Stay in EU, Says Tusk
  • 1 day Conspiracy - Theory versus Reality
  • 2 days What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 1 day Regular Gas dropped to $2.21 per gallon today
  • 2 days German Carmakers Warning: Hard Brexit Would Be "Fatal"

Expect More Focus on China and Russia in Post-Chavez Venezuela

If acting President Nicolas Maduro wins the April 14 election against Henrique Capriles then an increased focus on deals with China and Russia should be expected as he continues with his predecessor’s oil policy.

Energy Minister Rafael Ramirez, told a local TV station that, “we are not going to change one iota of the fundamental themes of President Chavez's policies.

We have a very important strategic relationship with China, which we're going to continue deepening and cultivating. It's the same with our cooperation with Russia ... Chavez's policies are more alive than ever, and we will push ahead with them.”

Related article: A Look at a Post-Chavez Venezuela

During his reign Chavez turned away from the US, the traditional buyer of Venezuela’s oil exports, to increase exports to China and Russia, eventually turning Beijing into the country’s biggest source of foreign funding.

Back in 2005 Venezuela was sending just a few thousand barrels a day to China, but that increased under Chavez’s watch to around 430,000 barrels a day, in repayment for $36 billion worth of loans.

China National Petroleum (CNPC) is also vital to Venezuela’s plans to develop the Orinoco oil field, one of the largest hydrocarbon reserves in the world. CNPC will work with PDSVA in a joint venture known as Petrourica, which is expected to begin producing oil within weeks.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News