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Russia Is Beating China to Venezuela's Oil Fields

By Thomas W. O'Donnell

The profits, politics and luck behind Russia's growing footprint.

This article is adapted from our 1st print issue of 2016. For a trial subscrition to AQ for just $1, click here.

The late Venezuelan President Hugo Chávez, had long envisioned China becoming Venezuela’s biggest oil-sector production partner. So when Rafael Ramírez, then president of Petróleos de Venezuela, S.A. (PDVSA), announced in January 2013 that Russia would produce enough oil with PDVSA by 2021 to become “the biggest petroleum partner of our country,” very few...

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