China buys 300,000 barrels of Venezuelan crude every day, and is eager for more from the Latin American country as part of its global quest for as diverse a range of energy supplies as possible.
The bilateral relationship is driven by one basic fact: Venezuela hopes to shift its oil exports away from over-reliance on US demand, and China wants to diversify its imports to avoid over-dependence on Middle Eastern supply.
The drop in oil prices, while temporarily putting Venezuela at a disadvantage, may actually boost trade, as China is keen to supply strategic oil reserves to keep it secure during future energy bottlenecks.
Chavez, who has called for eventually boosting exports to China to one million barrels a day, will visit for three days, and is scheduled to meet President Hu Jintao Wednesday, followed by Vice President Xi Jinping Thursday.
Author: Ksenia Kochneva
