China's Fading Oil Appetite: A Blow to Trump's Venezuela Oil Plans
World
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Moneycontrol•11-01-2026, 13:01
China's Fading Oil Appetite: A Blow to Trump's Venezuela Oil Plans
- •Donald Trump's plan to control Venezuela's oil faces a major hurdle as China, its biggest buyer, shifts away from oil.
- •China's energy transition, driven by rapid EV adoption and renewable energy, is significantly reducing its oil demand.
- •Last year, China accounted for over 11 million of the 18.5 million EVs sold globally, with BYD surpassing Tesla as the top seller.
- •Analysts believe China is at or near 'peak oil' demand, impacting global oil markets as China is the world's largest oil importer.
- •Venezuela needs China more than China needs Venezuela; China can easily source discounted oil from Russia or Iran if Venezuelan supply is disrupted.
Why It Matters: China's rapid shift to clean energy undermines Trump's strategy for Venezuela's oil, highlighting a global energy transition.
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