That also means that China will no longer be getting that oil. There is a geopolitical angle here, too.
Oil was never a pretext. It was one of several reasons we intervened. Indeed, Venezuela was the perfect storm of reasons for an intervention: It is a country in our own backyard run by a criminal dictator who stole an election from the democratically elected winner and who exports drugs and criminal gangs to the U.S.; it is an ally of our biggest geopolitical enemies, Iran, China, and Russia, an oil supplier to the latter two and a training ground for the terrorist armies of the first. And it has oil reserves that US companies had had access to and now can have access to again.