According to Bloomberg, Venezuelan Oil Ministry officials have been closely working with officials from China’s National Petroleum Corporation since at least May on establishing a revamped pipeline deal that would allow for the direct trading of oil between both countries without the need for intermediary third parties.in the world, estimated at more than 300 billion barrels.
Its oil industry, however, has been brought to near-ruins in recent years as a result of more than two decades of socialist mismanagement, which caused Venezuela’s oil output to steadily decline.on PDVSA in response to myriad human rights violations committed by the socialist regime against its own people.some of the sanctions imposed on PDVSA in November 2022, allowing California-based Chevron to resume oil production and export Venezuelan oil to U.S. markets.