With the current sharp decline of the international crude oil prices，the energy reform process and big oil investment plans in Latin America were postponed. Although the oil policy in the majority of resources remains stable，the risk factors will increase in the oil investment environment，due to the economic slowdown，domestic political struggle and the serious public security. In the view of the oil industry development in Latin America，China-Latin American oil cooperation should focus on in the inter-industrial chain related infrastructure，technology and other fields，while Chinese companies should also be aware of the political risk factors in the cooperation