Venezuela has assured Beijing that its oil pricing will not be determined by the United States and that Chinese investments in the South American country remain safe, state media reported.

Venezuelan Ambassador to China Remigio Ceballos dismissed reports at a press conference on Tuesday that Washington would influence the price of Chinese crude oil purchases from Venezuela, saying Caracas would not abide by U.S. arrangements.

The Wall Street Journal reported last month that U.S. President Donald Trump was considering taking control of Venezuela’s state oil company PDVSA, among other things. Reduce price to $50 per barrel.

“Venezuela will not obey the arrangements of the United States or other countries when it comes to oil pricing. We have the right to make independent decisions, and oil prices will be determined based on international market prices,” Ceballos said.

The U.S. captured Venezuelan President Nicolás Maduro and his wife, Celia Flores, in a surprise military operation about a month ago and moved to influence its oil industry through sanctions and negotiated oil sales.

China absorbs most of Venezuela’s crude oil exports at deep discounts due to U.S. sanctions, condemn The United States has launched a military attack on Venezuela and called for Maduro’s release.

Ceballos described Maduro’s arrest as a “warning to the world” but sought to downplay the impact on Venezuela’s relations with China. “China and Venezuela are trustworthy partners.” He added that China-Venezuela relations are based on mutual trust and cannot be affected by any third country.

The ambassador also sought to ensure that Chinese investments in Venezuela were safe. “Investments from Chinese companies and other countries operating in Venezuela continue to progress as always. Not only in the oil field, cooperation in all fields will not be affected.”

Maduro’s arrest has raised concerns about the future of Chinese investment in Venezuela, as Beijing is one of the few active foreign players in the South American country – filling a void after U.S. sanctions limited U.S. involvement.

State-owned oil giant China National Petroleum Corporation joint venture in partnership with PDVSA, while privately held China Concord Resources Corp. announced in August Plans to invest more than US$1 billion According to Reuters, the Venezuelan oil project aims to produce 60,000 barrels per day by the end of 2026.

Venezuela holds The world’s largest proven oil reservesBut its crude output remains sluggish due to decades of mismanagement, underinvestment and U.S. sanctions.

The Trump administration has touted U.S.-led industrial reforms aimed at boosting oil and gas production and attracting foreign investment as a positive for Venezuela and its people. Higher oil production and lower prices will also help lower energy costs for U.S. consumers.

Secretary of State Marco Rubio testifies on Capitol Hill The U.S. government statedParticipation in Venezuelan oil sales is a short-term plan to stabilize the country and keep the government functioning.

Reuters says Washington has returned all $500 million in initial oil sales to the Venezuelan government report”, a US official was quoted as saying.

The U.S. government also It is said Move to issue general licenses to allow companies to trade, transport and refine Venezuelan crude as part of efforts to ease sanctions and revive a flagging energy industry.

After the military operation on January 3, the White House reportedly asked Venezuela Cut off economic ties with ChinaRussia, Iran and Cuba, according to ABC News.

But over the weekend, Trump seemed to soften his tone, saying he welcomed investment from China and India. “China is welcome to come in and will make big deals in oil,” he said on Saturday on an Air Force One flight to Mar-a-Lago.

Chinese President Xi Jinping Tell Uruguayan Foreign Minister Armandou Orsi said on Tuesday that Beijing would work with Uruguay to establish a “An equal and orderly multipolar world.” Orsi is the first South American leader to visit China since Maduro was arrested

in a Meeting Chinese President Xi Jinping met with Uruguayan Foreign Minister Yamandu Orsi on Tuesday, the first South American leader to visit China since Maduro’s arrest. Chinese President Xi Jinping said that China will work with Uruguay to build a “An equal and orderly multipolar world.”

Xi Jinping said that China has always attached great importance to relations with Latin American and Caribbean countries and supports the sovereignty, security and development goals of Latin American and Caribbean countries.