China has been getting all that oil at steep discounts. The Venezuelan heavy crude is used to fuel their military. Rubio announced in a congressional hearing that China was buying Venezuelan oil at $20/barrel. The administration knows but did not give all the information. That oil was being transferred through a white glove company of the Xi family who then turned around and sold it to mostly state owned and smaller tea pot refineries for $40-60/barrel. Pocketing the difference and making huge profits to line the Xi family coffers - estimated to be about $400 billion. Along with Iran, Venezuela, and Russia, China has been using the shadow fleet to move that sanctioned oil all over the world and using the RMB as a means of exchange, bypassing all Western financial systems. Trump is shutting that all down and cutting off that pipeline. The biggest loser - China. Especially when their economy is already a dumpster fire and they are a net energy importer. It will severely impact their ability to unfairly compete in global markets by selling cheaper goods. Trump, knowing what was coming down, gave several nations, like India, time to find alterative sources for energy before he cut that oil supply down to minimize global shocks.
Carney and Starmer both made visits to Beijing bringing gifts of capitulation to Xi. The UK in particular brought approval for a massive superspy embassy in the heart of London's financial district along with the Chagos deal. That's not what Trump is bringing for his visit to China the end of this month - and he will do it with a smile on this face. FYI: His meeting with Xi is scheduled for April 1 - April Fool's Day.
China has been getting all that oil at steep discounts. The Venezuelan heavy crude is used to fuel their military. Rubio announced in a congressional hearing that China was buying Venezuelan oil at $20/barrel. The administration knows but did not give all the information. That oil was being transferred through a white glove company of the Xi family who then turned around and sold it to mostly state owned and smaller tea pot refineries for $40-60/barrel. Pocketing the difference and making huge profits to line the Xi family coffers - estimated to be about $400 billion. Along with Iran, Venezuela, and Russia, China has been using the shadow fleet to move that sanctioned oil all over the world and using the RMB as a means of exchange, bypassing all Western financial systems. Trump is shutting that all down and cutting off that pipeline. The biggest loser - China. Especially when their economy is already a dumpster fire and they are a net energy importer. It will severely impact their ability to unfairly compete in global markets by selling cheaper goods. Trump, knowing what was coming down, gave several nations, like India, time to find alterative sources for energy before he cut that oil supply down to minimize global shocks.
Carney and Starmer both made visits to Beijing bringing gifts of capitulation to Xi. The UK in particular brought approval for a massive superspy embassy in the heart of London's financial district along with the Chagos deal. That's not what Trump is bringing for his visit to China the end of this month - and he will do it with a smile on this face. FYI: His meeting with Xi is scheduled for April 1 - April Fool's Day.