Two Chinese 'Supertankers' En Route to Venezuela Make U-Turn – What Are Beijing’s Stakes in Oil-Rich Nation

Key Highlights

• Chinese supertankers were heading to Venezuela for debt-paying crude cargoes.
• The ships made a U-turn and are now returning to Asia.
• This reversal is influenced by U. S. sanctions and instability in Venezuela.
• China is owed at least $10 billion by Venezuela, primarily through oil-for-debt arrangements.
• The supertankers had been anchored in the Atlantic Ocean for several weeks.