Chinese oil stocks fell after the U.S. captured Venezuelan President Nicolás Maduro, which raised fresh concerns about China’s energy ties with the country. The move highlighted the extent to which Beijing relies on Venezuelan oil and loans tied to crude supply.
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Following the latest events, shares of PetroChina Company Limited (PCCYF) (HK:0857) dropped 3.52% in Hong Kong trading. Meanwhile, CNOOC Limited (HK:0883) fell by more than 3%, while China Petroleum and Chemical Corporation (SNPMF) (HK:0386) slid 1.9%.
China is exposed to about $12 billion in oil-backed loans to Venezuela. However, Forbes has estimated the total could reach $19 billion, making it China’s largest single-country loan tied to energy supply since 2007. As a result, any change in control or policy in Caracas could affect long-term repayment.
Oil Supply and Strategic Risk
Still, Venezuela shipped over 600,000 barrels per day to China in December 2025. That volume accounted for about 4% to 8% of China’s total oil imports, according to Time and Kenanga Investment Bank. Therefore, a sharp drop in shipments could strain refineries that rely on heavy crude.
China holds around 20 million barrels of Venezuelan oil in floating storage. However, analysts say this buffer would last only about one week, which limits its value during a long disruption.
Beyond energy flows, the event also affects China’s standing in Latin America. Venezuela is China’s only all-weather strategic partner in the region, which places added weight on the relationship. Just hours before his capture, Maduro met with China’s top envoy for Latin affairs and praised the partnership.
Soon after, China’s Foreign Ministry said it was deeply concerned and urged the U.S. to resolve the issue through talks. Meanwhile, President Donald Trump said U.S. oil firms were ready to invest billions to rebuild Venezuela’s energy sector, while allowing oil to keep flowing to China. Still, it remains unclear whether current supply deals will stay in place.
For investors, the key issue is simple. China’s reliance on Venezuelan oil and loans is now under stress, and markets are starting to reflect that risk.
We used TipRanks’ Comparison Tool to align all Chinese oil companies mentioned in the piece with American companies that could profit from a new friendly regime in Venezuela.
