This is because the loans-for-oil program made Venezuela the seventh largest crude oil supplier to energy hungry China.

Late last year, Venezuelan oil minister Rafael Ramirez said that his country wants to increase its daily oil exports to China 1 million barrels in 215, from 500,000 barrels now, according to China Daily.

This comes at a time when Chinese dependence on oil imports is rising. The NDRC said imports accounted for 58 percent of China's oil supply in 2012, up from 56 percent in 2011, and 55 percent in 2010.

Chavez's death has naturally made Beijing uncomfortable since opposition leader Henrique Capriles has previously said that he would do away with Chavez's loans for oil policies. He said Chavez's deals cost Venezuela $6.7 billion annually.