“Someone’s gain is someone else’s loss.” The saying came true when long-standing talks between the Chinese and Venezuelan governments finally came to fruition in late August. 
While China gained access to the huge oil reserves in the Latin American region, the US, till now the largest importer of Venezuelan oil, got a shock.
This is not the first time that China has silently come up with an oil deal with repercussions beyond the immediate. There was a deal with the Saudis and there was a strategic alliance with Iran. These moves have strengthened China’s position in the oil market. China is evidently striking deals in almost every continent and with almost all oil-rich countries of the world. The list even includes African countries like Angola, a continent where none of the western power shave made inroads till now. And the deal with Venezuela adds, as it has 78 billion barrels of oil reserves in a region with the world’s second largest proven oil reserves. In return, Venezuela gets technical support in discovering new oil-rich areas as well as a supporting vote for membership in the UN Security Council. Such a deal is a win-win situation for both sides, craft ed by China.
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Source:- IIPM Editorial
Visit also:- IIPM Publication, Business & Economy & Arindam Chaudhuri Initiative
While China gained access to the huge oil reserves in the Latin American region, the US, till now the largest importer of Venezuelan oil, got a shock.This is not the first time that China has silently come up with an oil deal with repercussions beyond the immediate. There was a deal with the Saudis and there was a strategic alliance with Iran. These moves have strengthened China’s position in the oil market. China is evidently striking deals in almost every continent and with almost all oil-rich countries of the world. The list even includes African countries like Angola, a continent where none of the western power shave made inroads till now. And the deal with Venezuela adds, as it has 78 billion barrels of oil reserves in a region with the world’s second largest proven oil reserves. In return, Venezuela gets technical support in discovering new oil-rich areas as well as a supporting vote for membership in the UN Security Council. Such a deal is a win-win situation for both sides, craft ed by China.
For complete IIPM article click here
Source:- IIPM Editorial
Visit also:- IIPM Publication, Business & Economy & Arindam Chaudhuri Initiative
