From 2007 to 2014, China lent Venezuela a wholesome $63 billion. A decade ago, Venezuela’s Petroleos de Venezuela (PDVSA) – the Venezuelan state-owned oil and gas company – entered into an oil-for-loans deal with China’s state-run China National Petroleum Corporation (CNPC).
Under the agreement, Venezuela borrowed the amount from China and “agreed to pay back in crude and fuel deliveries to state-run Chinese firms”.
Lo and behold, in 2014, the decade-long oil boom ended.
h/t Dr. J