Caracas signals independence on oil pricing and pledges security for Chinese investments amid sanctions uncertainty and shifting US policy under Donald Trump
Venezuela has sought to reassure China that its oil prices will be determined by global markets and not by pressure from the United States, even as geopolitical uncertainty deepens following the capture of President Nicolás Maduro and renewed scrutiny of the country’s energy sector.
Speaking at a press briefing in Beijing, Venezuela’s ambassador to China, Remigio Ceballos, rejected reports that Washington could influence the price China pays for Venezuelan crude. He said Caracas would not abide by any US-imposed arrangements and would continue to set oil prices based on international market dynamics.
“Regarding oil pricing, Venezuela will not heed the arrangements of the United States or other countries. We have the right to make independent decisions, and oil prices will be determined by international markets,” Ceballos said.
His remarks come after reports that US President Donald Trump was considering exerting control over Venezuela’s state-run oil company Petróleos de Venezuela SA (PDVSA), including pushing prices down to around $50 per barrel. The developments have raised concerns in Beijing, which has emerged as one of the largest buyers of Venezuelan crude amid years of US sanctions.
China has absorbed a significant share of Venezuela’s oil exports at discounted prices and has publicly condemned the US military operation that led to Maduro’s capture, calling for his release. Ceballos described the episode as a “warning to the entire world” but played down its impact on bilateral ties. “China and Venezuela are trusted partners. Our relationship is built on mutual trust and cannot be swayed by any third country,” he said.
The Venezuelan envoy also sought to calm investor nerves, insisting that Chinese investments in Venezuela remain secure. “Chinese enterprises operating in Venezuela and investments from other countries have continued as usual. Not only in petroleum but across all areas of cooperation,” he said.
Venezuela holds the world’s largest proven oil reserves, but production has remained subdued due to years of mismanagement, underinvestment, and sanctions. The Trump administration has argued that US-led reforms in the oil sector could revive output, attract foreign investment, and lower global energy prices, benefiting American consumers.
US officials have said Washington’s involvement in Venezuelan oil sales is intended as a temporary measure to stabilise the country.
According to reports, proceeds from an initial oil sale were returned to the Venezuelan government, and the US is considering a general licence to allow companies to trade, transport, and refine Venezuelan crude as part of a calibrated easing of sanctions.
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