US Treasury Secretary Bessen at Davos shows off achievements, claims China can no longer buy Venezuela's oil.
Sorry, sir, I'm disappointed ????
China is the largest buyer of Venezuela's oil (accounting for 80%-90% of its exports), but daily imports are about 400,000 to 600,000 barrels, which only accounts for 3%-6% of China's total crude oil imports. If supply is cut, it can be compensated by increasing purchases from Saudi Arabia and Russia, and China has sufficient strategic oil reserves.
It's not entirely without impact, but it's just a byproduct of oil refining. Venezuelan heavy crude oil is a key scarce resource for China's refining industry, especially asphalt production, accounting for 50%-60% of domestic heavy oil processing. If the US long-term controls the country's oil, it may force China to adjust refinery equipment compatibility or seek similar oil types from Canada and the Middle East as alternatives.
The US is deliberately undermining China, almost in a state of mania.
Original article: toutiao.com/article/1855054673379328/
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