Panama is critical to global oil shipping, while Venezuela is home to one of the world’s largest crude oil reserves. Reports last month estimated that Venezuela accounts for 4 to 7 percent of China’s overall oil supply. Beijing is even more reliant on Tehran, with Iran accounting for more than 13 to 15 percent of its total oil supply. Any attack on Taiwan, whether direct military invasion or a prolonged blockade, would require a massive oil supply. If China’s oil imports from Venezuela and Iran are reduced, it would significantly hamper Chinese ambitions against Taiwan.

Source: Taipei Times January 07, 2026 16:03 UTC