alt Hacker NewsChina isn't giving up any barrels of oil. It's a global market. If Venezuela is selling 5 million bbl per day to China, and it stops selling to China, someone else will start buying it. Since they are now buying 5 million bbl per day from Venezuela, that means they are buying 5 million bbl / day less from their existing suppliers. China will buy that oil.
You should not expect the Chinese government to disregard their fourth biggest oil provider, ignore the refineries' investments in processing that oil, and send them looking for another supplier without them retaliating.