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Listen: It's complicated: The US, Venezuela, and China's crude oil relationship

Venezuela was once the largest source of US oil imports, but when that relationship soured, the Latin American powerhouse turned to a new relationship with China. But as Platts senior editors Brian Scheid and Herman Wang explain, that partnership is not quite what was expected.

Matt Ferchen, resident scholar at the Carnegie-Tsinghua Center for Global Policy, joins to lay out the state of affairs between the three countries and the relationships which hinge on crude trade. Could the US and China work together to help Venezuela develop its struggling resource base? Is Venezuela looking to reunite with the US to bolster its struggling crude export sector? And how has crude oil been used as a political tool in this situation?

Read more about Ferchen's research and his paper referenced in this episode.

Check back every Monday for the latest analysis of US oil policy news from leading Platts editors covering the Capitol. E-mail the editors at and

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