Venezuela was once the largest source of U.S. oil imports, but when that relationship soured, the Latin American powerhouse turned to a new relationship with China. But as Platts senior editors Brian Scheid and Herman Wang explain, that partnership is not quite what was expected. 

Matt Ferchen, resident scholar at the Carnegie–Tsinghua Center for Global Policy, joined to lay out the state of affairs between the three countries and the relationships which hinge on crude trade.

Could the United States and China work together to help Venezuela develop its struggling resource base? Is Venezuela looking to reunite with the United States to bolster its struggling crude export sector? And how has crude oil been used as a political tool in this situation?

This interview was originally broadcasted by Platts.