China’s top energy company, China National Petroleum Corp (CNPC), has canceled plans to purchase roughly 5 million barrels of Venezuelan oil. Reports indicate that the move comes in response to the Trump administration tightens sanctions on the state-owned Petroleos de Venezuela SA. CNPC now joins Turkey's largest bank, Ziraat Bank, which severed its relationship with Venezuela's Central Bank following sanctions. CNPC’s decision is especially troubling for Venezuelan President Nicolas Maduro, who has relied on oil purchases from China and Russia to support Venezuela’s fragile economy. While the canceled shipment may be temporary, a prolonged drought in oil sales could have serious consequences for President Maduro and his regime.
