President Donald Trump's move to seize control of Venezuela's oil trade is rattling China's refiners.
It's not because Caracas is a major supplier, but because it signals Washington can still weaponize sanctions to squeeze Beijing's access to cheap crude with Iran now looming as the far bigger target, reported the Financial Times.
The U.S. seized two sanctioned tankers Wednesday, including a Russian-flagged oil vessel that was in the Atlantic, days after Venezuelan leader Nicolas Maduro was seized in an extraordinary U.S. military operation.
The Trump administration has said the U.S. will maintain control over Venezuela through its energy resources, with Vice President JD Vance telling Fox News Wednesday, "The way that we control Venezuela is we control the purse strings.
"We control the energy resources, and we tell the regime: You're allowed to sell the oil so long as you serve America's national interest. You're not allowed to sell it if you can't serve America's national interest."
China is one of the biggest oil buyers on earth, but about 1 out of every 5 barrels it buys comes from countries under U.S. sanctions — mainly Iran, Venezuela, and Russia.
If the U.S. were to crack down harder on Iran, China could lose a huge chunk of cheap oil.
Muyu Xu, senior research analyst for crude at data provider Kpler, told the Financial Times that Chinese refiners "are generally expecting something is going to happen in the Middle East" and that any move against Iran would force Beijing to consider an alternative supply source.
She warned that cutting off Iranian crude would be far more disruptive for China's refining sector, since the volumes involved dwarf those from Venezuela.
China has condemned the U.S. action in Venezuela.
"The United States' brazen use of force against Venezuela and its demand for 'America First' when Venezuela disposes of its own oil resources are typical acts of bullying," Chinese Foreign Ministry spokesperson Mao Ning told reporters.
Trump has threatened intervention in Iran, saying last week that if Tehran "violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue."
"We are locked and loaded and ready to go," he added.
Still, a military intervention seems far off, according to Cui Shoujun, professor with the School of International Studies and associate dean of the School of Global Governance at Renmin University of China.
"In Venezuela, it's like a building that's already rotten — when it's about to collapse, just give it a push. The cost is very low," he told the Financial Times.
"If Iran ever reaches the brink of collapse one day, the U.S. and Israel might give it a shove too, but before it hits that critical point, the U.S. won't rashly intervene."
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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