Kazakhstan was the latest to sign onto a multi-billion cash-for-oil agreement with China. But there is a long list of countries that have sought Chinese cash to finance rapid development of their crude and gas reserves or to pay for their public deficits. It includes Ecuador, Brazil, Venezuela, Russia, Angola and several other Africa countries for nearly $50 billion this year alone, on top of other deals last year.

Most of the money is going to Russia and Kazakhstan, but almost half is going to Latin America. Even Colombia, the US top regional ally, recently called on Beijing to boost investment in the country’s oil sector. Cuba and Mexico are also on the radar screen, albeit on a longer term.

The relationships with oil-producing countries, which is only expected to burgeon into the future, makes sense. This week, Beijing is expected to spell out just how much money will be allocated to Chinese companies to help them finance foreign oil acquisitions as part of its stimulus package.

China anticipates a four-fold increase in domestic oil demand by 2030. And it is sitting atop nearly $2 trillion in foreign currency reserves.

Western investors don’t have the money to develop a lot of the projects and are in fact delaying investments. And countries rich in oil are suffering from the dramatic decline in oil prices. Those countries want to take advantage of falling capital investment requirements as a result of the global economic slowdown to profit from an expected surge in crude prices once demand picks up.

Also, working with Chinese companies does not carry political baggage, unlike with Western ones, and China is generally more eager to negotiate.

China also gains a huge and growing export market, while securing its soaring commodity needs, which also include copper, coal, and vegetable oil.

China Petrochemical Corporation, known as Sinopec, China Nation Oil Company, and China National Petroleum Corporation are the vehicle in China’s second attempt at securing oil.

Last year it suffered a setback when its higher bid for Unocal was rejected amid protectionist concerns in the US. The Chinese government changed tactics to lending countries money in exchange for long-term oil supply deals, with the attached leverage that comes with it.

Beijing though is testing for solid ground. The US is wary, not so much over the oil deals, which inevitably have a positive effect if global production increases. But China’s influence is growing, especially in countries that also want to check America’s influence.