China remains a significant investor and major buyer in Venezuela's oil sector, despite U.S. sanctions. Chinese firms like CNPC and Sinopec continue operations, aiming to revive Venezuela's production, which has fallen from 3.5 million to 1.1 million barrels per day. China imports substantial amounts of Venezuelan crude, often rebranded, with some oil used to repay Caracas' debt to Beijing. These investments are crucial for Venezuela's struggling oil industry.