Having been sanctioned by the US as a result of the arms embargo, Venezuela and Iran are seeking to reactivate their respective economies through oil exports. The agreement between the two state-owned companies, Petróleos de Venezuela and the National Iranian Oil Company, is intended to strengthen cooperation between the two nations and thus regulate the impact of the US sanctions. Meanwhile, according to a report by the Bloomberg website, which provides international business and financial information, China increased its oil imports from Venezuela and Iran in 2021 to their highest level in the last three years.
Faced with an international increase in oil prices, China capitalized by trading with those countries that had been sanctioned by the United States. As a result of these sanctions, Venezuela and Iran have shown reductions in their crude oil sales in recent years, leading to decreased oil prices in both nations. For their part, China’s crude oil processors profited from the US sanctions on Iran and Venezuela, buying 324 million barrels from these countries over the course of 2021, representing an increase of 53% compared to 2020.
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RPP Noticias: China incrementó la compra de petróleo de Venezuela en el 2021. Publicado el 11 de enero de 2022.
Find out more:
La República: Bajo sanciones, Venezuela e Irán alcanzan acuerdo de canje petrolero por seis meses.
Rionegro: China aumentó las compras de crudo venezolano e iraní en 2021.