Original Author: Zha Daojiong
Zha Daojiong, a professor at Peking University, casts doubt on Venezuela’s significance in the international oil market, noting that not only has Venezuela’s daily crude oil output declined severely over the past three decades, but its claims of oil reserves are also viewed with skepticism within the industry. Zha argues that by strengthening energy cooperation with China, Venezuela can reduce its reliance on the U.S. oil market and “promote the diversification” of its foreign investment. To promote stable China-Venezuela energy cooperation amid the challenging operating environment in Venezuela, Zha urges Chinese companies should utilize existing arbitration mechanisms to protect their interests.
This is one of six pieces published by the journal of Contemporary International Relations following an academic seminar titled “U.S. Military Action Against Venezuela and Its Impacts.” The other five pieces are also available on the Interpret: China platform. The journal is published by the China Institutes of Contemporary International Relations (CICIR), a Chinese think tank affiliated with the Ministry of State Security.