Venezuela has made it clear that oil prices will not be set by the United States. The country said that prices for its crude oil will follow international market rates and not political pressure.
This statement comes after reports suggested that the United States could influence how much China pays for Venezuelan oil. Venezuelan officials rejected this idea and said the country will make its own decisions.
At a press briefing in China, Remigio Ceballos, Venezuela’s ambassador to China, stated that Venezuela would not accept oil pricing arrangements imposed by any foreign government. He stressed that oil prices are determined by global markets.
The comments followed reports that U.S. President Donald Trump had considered exerting control over Venezuela’s state-run oil company, Petróleos de Venezuela SA (PDVSA). These reports suggested that oil prices could be pushed down to around $50 per barrel.
Venezuelan officials dismissed these reports and repeated that oil pricing remains a sovereign decision.
The announcement comes during a period of political instability following the capture of President Nicolás Maduro and his wife Cilia Flores in a U.S.-led military operation earlier this month. The event has increased uncertainty around Venezuela’s oil industry.
Venezuela Seeks to Reassure China on Investment Security
Venezuela also used the opportunity to reassure China about the safety of its investments. The ambassador said Chinese companies operating in Venezuela continue to function as usual. He added that cooperation across all sectors remains unaffected.
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China has been one of Venezuela’s strongest economic partners in recent years. Due to U.S. sanctions, many Western companies reduced their involvement in Venezuela. Chinese firms filled much of that gap, especially in the energy sector.
China’s state-owned China National Petroleum Corporation has joint ventures with PDVSA. In addition, China Concord Resources Corp. has announced plans to invest more than $1 billion in a Venezuelan oil project, aiming to produce 60,000 barrels per day by the end of 2026.
The capture of President Maduro raised concerns in China about the future of these investments. China has condemned the military operation and called for Maduro’s release.
Despite these concerns, Ceballos said relations between Venezuela and China remain strong. He described the two countries as trusted partners and said their relationship is built on mutual respect and long-term cooperation.
He also said that investments from China and other countries are continuing without disruption.
Oil Sanctions, Global Pressure, and Diplomatic Tensions
Venezuela holds the world’s largest proven oil reserves. However, oil production has remained low due to years of mismanagement, underinvestment, and economic sanctions. These sanctions limited Venezuela’s ability to attract foreign capital and maintain infrastructure.
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The United States has promoted its involvement in Venezuela’s oil sector as a form of reform. Officials have said the goal is to stabilize the country, increase oil production, and attract international investment.
During a hearing in Washington, U.S. Secretary of State Marco Rubio said U.S. involvement in Venezuelan oil sales was intended as a short-term measure to help stabilize the country and support government operations.
Reports also stated that the U.S. returned $500 million from an initial oil sale back to the Venezuelan government. The U.S. has also moved to issue a general license allowing companies to trade, transport, and refine Venezuelan crude oil.
After the January 3 military operation, the United States reportedly asked Venezuela to reduce economic ties with China, Russia, Iran, and Cuba. However, President Trump later said that Chinese and Indian investment in Venezuelan oil would be welcome.
Around the same time, Chinese President Xi Jinping met with Uruguayan President Yamandú Orsi in Beijing. Orsi became the first South American leader to visit China following Maduro’s capture. Xi stated that China supports sovereignty and development goals across Latin America and the Caribbean.