US EditionOil Prices Hold Steady Despite Shock Arrest of Venezuela’s President
Venezuela holds 17% of global oil reserves but US sanctions limit production; India's trade remains low with delayed $1 billion dues at stake, analysts say.
- On Saturday, US forces attacked Caracas and seized Venezuelan President Nicolás Maduro and Cilia Flores to face US narcotrafficking charges, with US President Donald Trump framing the operation as partly about controlling Venezuela's oil.
- Amid vast reserves, Venezuela holds 303 billion barrels of proven oil, but US sanctions and under-investment have reduced production from 3.5 million barrels per day in 1999 to about one million bpd today.
- US President Donald Trump called for US oil majors to invest billions in Venezuela's broken oil infrastructure, but Exxon Mobil, ConocoPhillips, and Chevron gave limited public commitments while PDVSA cuts output amid a US blockade.
- Despite the headlines, traders largely awaited tangible changes as OPEC+ reaffirmed steady output Sunday, with analysts noting limited short-run effects but potential long-term supply risks.
- With sanctions relaxed, India’s ONGC Videsh Ltd may benefit as FY2025 crude imports from Venezuela were only $364.5 million, and dues could reach $41.4 million.
21 Articles
21 Articles
National security reporter reveals mind-boggling taxpayer cost of Trump’s Venezuela project
The real cost of President Donald Trump's plans for Venezuela is beginning to emerge.Despite his earlier claim that the U.S. incursion there would cost nothing, a national security reporter for MS NOW on Tuesday argued that the entire project could cost U.S. taxpayers billions and last for decades.Over the weekend, the U.S. military conducted a strike on Caracas, Venezuela, leading to the arrest of President Nicolás Maduro, who will face "narco-…
Corporations Are Ready to Cash In on Venezuela
Before Donald Trump’s capture of Nicolás Maduro, corporations filed lawsuits against Venezuela seeking damages tied to state nationalization, international sanctions, and political instability. A Trump-installed government could tilt the courts in their favor.
What does Maduro’s capture mean for global oil prices? Will India be hit?
On Monday (January 5), two days after the US troops captured Nicolas Maduro, oil prices saw a marginal fall. Moreover, Donald Trump has announced that Washington will take control of the South American country’s vast oil reserves. But will this impact India? Experts note that New Delhi will remain largely unaffected owing to the marginal crude trade between the two nations
US attack on Venezuela is GREAT news for South Africa's motorists
Oil prices fell on Monday after a US military operation seized Venezuelan leader Nicolas Maduro, whose country has the world’s biggest proven crude reserves. Increased volumes of Venezuelan oil entering the market would add to oversupply concerns and put further pressure on oil prices, which have fallen in recent months. Welcome news In morning trade in Asia, Brent Crude was down 0.21 percent at $60.62 per barrel while West Texas Intermediate wa…
Oil Prices Hold Steady Despite Shock Arrest of Venezuela’s President
Oil prices were flat in early Asian trading on Monday as markets digested the dramatic capture of Venezuela's President, Nicolás Maduro, by the U.S. military. Against the backdrop of an oversupplied crude market and steady OPEC+ policy, traders appeared content to await tangible physical developments in the market rather than bet on a short term supply shock or the longer-term return of Venezuelan crude to markets. At the time of writing, West T…
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