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Falling Oil Prices Push Venezuela Deeper Into China's Orbit

Downtown Caracas, Venezuela
Downtown Caracas, VenezuelaPhotographer: Meridith Kohut/Bloomberg

Venezuelan President Nicolás Maduro had a Plan B in the event the Organization of Petroleum Exporting Countries declined to back his country’s proposal to cut output to boost prices.

The day after OPEC’s Nov. 27 decision to maintain production at current levels, a move that drove oil prices to new lows, a somber-looking Maduro went on national television to tell the Venezuelan people he was dispatching Finance Minister Rodolfo Marco Torres to Beijing. Torres spent the first week of December in China, during which he tweeted photos of his meetings with Chinese officials and bankers.