How will the takeover of Venezuela impact China’s oil supply chains?

by Inside China Business [1-9-2026].

China is a major buyer of Venezuelan crude oil, and will probably look to secure new sources of supply.

But there is little urgency for them to do so. Oil prices are falling, and other suppliers are eager to step up their exports to China, and were doing so before the takeover of Venezuela.

China also is at surplus for crude oil imports, and in November alone was over 1.8 million barrels, per day, that went into storage.

Chinese inventory builds and draws are now the most important driver in crude oil markets.

Closing scene, Luoyang, Henan.

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