US EditionVenezuela oil deal angers China, pushes prices down
The US secured up to $2 billion of embargoed Venezuelan crude to refine and sell amid falling global oil prices, prompting strong condemnation from China.
- On Jan 7, President Donald Trump's administration said it had persuaded Venezuela to divert crude shipments originally bound for Beijing and import up to $2 billion of embargoed oil to the United States.
- The weekend raid in Caracas by US Special Forces seized Nicolás Maduro on Saturday, with President Donald Trump declaring the oil revenues `WILL BE CONTROLLED BY ME` as he plans to sell up to 50 million barrels.
- Global crude prices fell around 1.0 per cent on world markets as traders priced in anticipated increased supplies, while Mao Ning, Chinese foreign ministry spokesperson, said, `These actions seriously violate international law, gravely infringe upon Venezuela's sovereignty, and severely damage the rights of the Venezuelan people`.
- The US warned Interim President Delcy Rodriguez and other Venezuelan officials they must cooperate or risk sharing Maduro's fate, while casualty reports varied: the Venezuelan army listed 23 dead, Cuba said 32, and the US estimated about 75 fatalities.
- Analysts say the development positions the US to revive Venezuela's oil sector with US firms and could require rerouting millions of barrels stuck in tankers and storage.
11 Articles
11 Articles
Global Oil Politics: The Venezuelan U.S. Power Play
The ongoing geopolitical clash sees the U.S. pressuring Venezuela to divert oil exports from China while capturing Venezuelan leader Maduro. China condemns the U.S. move as international law violations. Crude prices drop amid market adjustments; Venezuela's political stability hangs in the balance with U.S. intervention.
Oil Prices Drops 2% on Trump's Venezuelan Deal
By Adedapo Adesanya Oil prices settled lower for a second straight session on Wednesday as investors digested US President Donald Trump’s deal to import up to $2 billion worth of Venezuelan crude, a move that would lift supplies to the world’s largest oil consumer. Brent crude futures lost 74 cents or 1.2 per cent to […]
Dragon fumes at US' oily business in Caracas; Tehran may benefit
Global oil prices dropped as the United States convinced Venezuela to reroute oil shipments away from China. China has strongly condemned this move, labeling it as bullying. This development could lead Chinese refiners to seek alternative heavy crude sources. The deal aims to control Venezuela's oil reserves.
New tensions are emerging as Trump and the Chinese president prepare for a summit meeting in April.
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
