China, the biggest contributor to oil demand growth in recent decades and the key customer for Venezuelan crude, is needing smaller doses as consumption shrinks. They have been the most important consumers of Venezuelan crude for years. Much now depends on whether China would even be allowed to buy Venezuela’s crude. Even without that, a removal of sanctions would certainly raise the price of Venezuelan crude, which might undermine the teapots’ threadbare margins. The biggest state-owned refiner, China Petroleum & Chemical Corp, or Sinopec, expects the country’s crude demand to peak before next year.

Source: Taipei Times January 08, 2026 16:52 UTC