Hmmmm... So now Hugo is underpaying the Chinese by a significant sum... That sort of thing doesn't make for good relationships....

Extract from Sasa's post..

China receives oil as service on a $4 billion loan to a Venezuelan infrastructure fund, Orlando Ochoa, an economist at Universidad Catolica Andres Bello in Caracas said today in an interview.

“The Chinese-Venezuelan Fund, with a Chinese contribution of $4 billion, is a payment for extra-heavy crude at a discount off WTI,” Ochoa said, referring to West Texas Intermediate, the benchmark U.S. crude. “A big discount.”