🇨🇳China Leads Buyers of 🇻🇪Venezuela’s Oil

China is Venezuela’s biggest oil buyer, accounting for 68% of the country’s crude oil exports in 2023. This reflects Beijing’s growing role in supporting Venezuela’s oil sector amid global sanctions and trade restrictions.

The United States remains the second-largest destination, importing 23% of Venezuela’s crude. Despite political tensions, U.S. refineries continue to rely on Venezuelan heavy crude.

Cuba and Spain each account for 4% of exports, indicating limited but steady trade relationships beyond the two main buyers.

All other countries combined make up just 1% of exports, showing how narrowly concentrated Venezuela’s oil export market has become.

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