Those aspirations grow every time Chinese Foreign Minister Wang Yi welcomes Venezuelan Foreign Minister Yvan Gil to Beijing. This visit was emblematic of the growing diplomatic relationship between China and Venezuela. The joint meeting in May was a reaffirmation of China’s deep support for Venezuela. This support is critical as relations continue to escalate between Caracas and Washington.
The context to this burgeoning diplomatic engagement is marked by heightened tension between Venezuela and the United States. Washington has piled on an unprecedented 900+ sanctions against the Maduro government, making an already testy US-Venezuela relationship far worse. Beijing has used this series of vacuums to establish and reinforce its image as a counterweight to U.S. influence in Latin America. It does so while publicly calling out what it terms Washington’s “bullying” tactics.
In their meetings, Wang Yi and Yvan Gil highlighted the need for friendship and collaboration between their countries. They focused on ways that U.S. policies further disturb regional stability and international trade. The very positive phone conversation between the two foreign ministers. They discussed urgent problems and re-committed themselves to supporting one another.
The oil market is justifiably on edge with these developments, as Venezuela is an important pillar of global oil supplies. Further escalations in the region will risk serious and maybe even catastrophic actions and reactions. These disruptions can heavily impact U.S. oil prices while jeopardizing our allies’ and partners’ international energy security. Analysts are closely monitoring the situation, as continued U.S. sanctions could hinder Venezuela’s ability to export oil, which is critical for its economy.
China’s stance is clear: it intends to support Venezuela’s sovereignty and economic interests. This strategy furthers China’s larger aim of constructing a network of alliances with resource-rich countries. These partnerships not only meet the EU’s growing energy needs but serve to mitigate the U.S.’s influence in the region.