China Seeks Replacement for Venezuelan Oil: What to Change Iranian and Saudi Crude

China's Transition to Heavy Oil

According to Главком: Chinese refineries plan to switch to heavy oil from Iran and other sources due to reduced supplies of Venezuelan oil. This comes against the backdrop of an agreement between Caracas and Washington on the export of Venezuelan oil to the USA, which complicates China's access to this resource.

In 2025, China imported 389 thousand barrels of Venezuelan oil per day. However, as of January 1, 2023, loadings for Asia at the main ports of Venezuela ceased. This led to a reduction in purchases of Russian oil, which fell by 36% in November 2022, to 926 thousand barrels per day. At the same time, China increased its imports of oil from Saudi Arabia by 500 thousand barrels per day, reaching 1.78 million barrels per day.

Changes in Maritime Oil Supplies

Moreover, by early January 2026, at least seven large tankers changed course or stopped in open water, indicating serious changes in maritime oil supplies. Experts note that the drama in Venezuela has hit independent refineries in China the hardest, as they may lose access to discounted heavy oil.

As analyst Jun Go noted, the situation in Venezuela and agreements between international players have significantly complicated oil supplies for China, forcing the country to seek new alternatives to meet its needs.

This situation indicates serious changes in global oil supplies, which may affect China's energy security and its economic ties with other countries. The switch to heavy oil from Iran and other sources may strengthen China's dependence on new partners while reducing its vulnerability to changes in international politics. In the long term, this could lead to a rethinking of China's oil supply strategies and energy policy in the context of global changes.