This paper investigates China’s loans to other countries in exchange for oil. Beijing has sought to hedge against supply disruptions and ensure a steady flow of oil supplies by supporting its national oil companies’ (NOCs) investments in oil and gas fields overseas, as well as by offering loans to producer countries which are repaid with oil. But after investing so heavily, Beijing has few options but to maintain support for these countries in a bid to sustain oil production, at least enough to ensure loan repayment and equity output. An overview of these loans is given, before focusing on case studies including Angola, Sudan, Kazakhstan and Iraq.

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Oxford Institute for Energy Studies