Venezuelan President Nicolás Maduro has stated that the country will send one million barrels of oil a day to China even if it “rains, sun or lightning”.
“We are going to reach a million barrels a day for China, whether it’s rain or sunshine or lightning … whatever the cost, we have to invest,” Maduro said during a meeting with Venezuelan and Chinese businessmen.
He said that in the Orinoco Belt, the world’s largest oil reserve, “there lies the oil that China needs for its development in the next 50 or 100 years.”
Currently, Venezuela supplies about 640,000 barrels a day to China, according to unofficial figures.
Maduro called for the first time to increase the amount of oil supplied to China during a press conference on September 18, when he returned from China.
During the visit, the Venezuelan president met with his Chinese counterpart and reported that Beijing had approved a $5 billion loan to Venezuela but did not specify the terms of payment.
It is worth mentioning that the proposal to increase the volume of oil exported to China comes when the state-owned Petroleos de Venezuela SA (PDVSA) has the lowest levels of production in the last 10 years.
The decline in oil production in Venezuela has worsened due to the collapse of hydrocarbon prices since the end of 2014. Although prices have increased, Venezuela is experiencing one of the biggest crises in its main industry, on which 96% of revenues come from.
Venezuela follows an independent foreign policy, making it the target of US imperialists as it has not fully allowed its country to be privatized and fully open to US corporations. It is for this reason that the Bolivarian revolution is attacked and the state sanctioned, in the hope that there is enough pressure to open Venezuela to US capitalism and for more of the states wealth to be privatized.