China accuses US of bullying over Venezuela’s oil

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• 00:00

  As tensions rise at sea over Venezuelan oil, what's at stake for China?

• 00:05

  It's world business expressed from the BBC World Service.

• 00:08

  I'm Liana Byrne.

• 00:11

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• 00:26

  Four days

• 00:27

  since Venezuela's president Nicolás Maduro was seized and there's another potential crisis brewing.

• 00:33

  The United States says it has seized two tankers,

• 00:36

  accusing them of violating sanctions against Venezuela.

• 00:39

  Then China again criticizes the use of force to remove Venezuela's president over the weekend.

• 00:44

  U.S.

• 00:44

  President Donald Trump says the interim authorities in Venezuela will be turning over up to 50 million barrels of what he calls sanctioned oil.

• 00:53

  Jolie He is the Beijing Bureau Chief for the Financial President Trump's sort of seizure of Venezuela's oil industry for China is more of a geopolitical blow than an economic one

• 01:04

  because Venezuelan oil exports to China are actually only about 4% of China's total oil imports.

• 01:11

  But the principle of the US taking control and intervening in a market like this is bad for China and the sort of big thing that's on the horizon is really whether the US would intervene in other markets that are selling sanctioned oil.

• 01:27

  So for instance,

• 01:27

  Iran is a much bigger exporter of oil to China and a lot of that oil is also sanctioned.

• 01:34

  So if Trump then followed through and intervened in that market as well,

• 01:38

  then that starts to become a big problem for China's oil sector.

• 01:41

  China.

• 01:42

  It's a huge partner with Latin American countries,

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