15:54 - 28.01.2026

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January 28, Fineko/abc.az. Chinese state-owned company PetroChina, previously the largest buyer of Venezuelan oil, has banned traders from purchasing or trading raw materials from Venezuela.

ABC.AZ informs that the decision relates to the U.S.’ control over exports after the change of power in Caracas.

Instead, China is likely to increase purchases from Canada, Iran and Russia. In addition to political risks, the uncompetitive price of Venezuelan oil, which is inferior to grades from other countries, has become a factor.

Chinese imports of Venezuelan oil are expected to decline sharply from February, although their share in overall imports was small - around 4%.