Yes, that really reflected two things.
First, China made some very large loans to the Venezuelans 15 years ago or so, and the loans were being repaid with oil at a heavy discount. That was further exacerbated by U.S. sanctions that limited competition for China. It took away the ability of most U.S. refiners and most European refiners to buy that oil. That gave China a lot of leverage with Venezuela and led to those very favourable prices.