David McKendrick
@davemckendrick.bsky.social
Retired UK psychiatric nurse. Now living the life in the Philippines with my beautiful, young Filipino wife. I have never been happier since leaving the UK.
Reposted by David McKendrick
Just footnoting
August 2025: China Concord Resources Corp has begun developing 2 Venezuelan oilfields, planning to invest more than $1 billion in a project to produce 60,000 barrels per day of crude oil by end-2026.
China buys 90% of Venezuela oil output, in yuan not dollars, and has also become a big lender there
China buys 90% of Venezuela oil output, in yuan not dollars, and has also become a big lender there
Exclusive: Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp has begun developing two Venezuelan oilfields, planning to invest more than $1 billion in a project to produce 60,000 barrels per day of crude oil by end-2026, an executiv...
www.reuters.com
January 4, 2026 at 12:38 PM
Just footnoting
It's not just the fact that Venezuela has massive oil reserves but the fact that they were selling their oil in Yuan and other currencies, potentially destabilising the US dollar. Oil is normally sold in Petrodollars and the USA has toppled any regime that tries to sell oil in other currencies.
January 4, 2026 at 9:53 PM
It's not just the fact that Venezuela has massive oil reserves but the fact that they were selling their oil in Yuan and other currencies, potentially destabilising the US dollar. Oil is normally sold in Petrodollars and the USA has toppled any regime that tries to sell oil in other currencies.