China Looks to Venezuela for Energy Security

Sunday, 30 October 2011


Venezuelan President Hugo Chávez has long desired to minimize his country's economic dependence on the United States, and since China's huge and growing energy demands have resulted in expanded business with Venezuela, he may very well get his wish.
Beijing and Caracas have a history of affable diplomatic ties, which in recent years have been strengthened by several multibillion-dollar oil-exploration deals that are providing China with a broadening spectrum of new sources of energy while helping to revive Venezuela's wilting economy. With its petroleum consumption climbing 7.5 percent per year, China represents a significant and growing long-term source of income for Venezuela.
While Washington continues to fulfill the bulk of its energy requirements through long-established sources in the Middle East, China could be said to have jumped the fence into the United States' backyard in an attempt to capitalize on the impressive inventory of natural resources that the region has to offer. The state of Sino-Venezuelan petro-relations represents an evolving global order reflected by the waning influence of the United States in Latin America and the growing power of extra-hemispheric nations in the region.

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