Ecuador seeks to break out of the labyrinth of oil pre-sales with China
Ecuador is still struggling to divest itself of oil pre-sales. Although there are contracts with the oil creditor companies, the Ecuadorian government is looking for a way to change the situation to its advantage. The business meant a loss of almost US$5,000 million for the country.
China capitalizes on US sanctions on Venezuela and Iran
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. Meanwhile, China increased its oil imports from Venezuela and Iran in 2021 to their highest level in the last three years.