China Refiners Face Yet Another Blow as Trump Presses Venezuela
This article is for subscribers only.
China’s private refiners, long plagued by excess capacity and paper-thin margins, are facing yet another setback as the Trump administration imposes a 25% tariff on any buyer of Venezuelan oil and gas.
Beijing has had close commercial and political ties to Venezuela for years, fostering close connections to both Hugo Chavez and his successor, Nicolas Maduro. China has been a key source of funding as well as the single largest buyer of the country’s crude, taking more than 40% of its oil exports in February.