If it is still too early to tell what the portents are for full resumption of Venezuela’s oil exports following President Donald Trump’s electoral defeat in his bid for a second term in office, Caracas’ return to doing oil business with its key one-time top customers, the Chinese state companies China National Petroleum Corp (CNPC) and Petro-China, marks an undoubted silver lining in a dark cloud that had long settled over the country’s economy.
Last week it was disclosed that the state-run Venezuelan oil company, PDVSA, had recommenced supplying oil to China through normal channels rather than the clandestine means that had obtained since around August 2019 when US pressure forced ships to stop loading crude and fuel at Venezuelan ports.