Quote:
Originally Posted by cRiPpLe_rOoStEr
China might have already figured out Venezuela won't be able to drill all the oil worth its debt. You might have already known, most of the profits from Venezuelan oil exports were already compromised to pay loans contracted with China.
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China is sewing up oil supplies for insurance.
This is the same reason they are so aggressively trying to co-opt the South China Sea from Vietnam, Malaysia and the Philippines.
China does not have Russia's deep reserves of traditional oil, but it does have lots of coal and shale gas. Despite this, China is using those profits to invest in alternative energy.
Unlike the current US government, they're playing the long game. Shale gas doesn't last forever... and using those profits now to prepare for the post-coal/oil/gas market just makes sense. Put your eggs in different baskets so they don't all break at once.