Americas: Economic overview
Venezuela’s debt crisis is straining its relations with China, which is one of the country’s key financial backers.
Venezuela is struggling to refinance around $60 billion in debt amid political and economic upheaval, which is already hitting investment in the country’s oil and gas sector. Sinopec has sued PDVSA in a court in the United States, claiming it has not received full payment for an order of steel rebar, which is used in oil rigs. China is curtailing its credit lines with Venezuela as the Latin American country’s economic situation deteriorates.