Venezuela will be "turning over" between 30 million and 50 million barrels of "sanctioned oil" to the ​US, Trump wrote in a social media post on Tuesday. ​The blockade was part of a US pressure campaign against Venezuelan President Nicolas Maduro's government that culminated in US forces ⁠capturing him over the weekend. Providing some support to prices, US crude ‍stocks dropped by 3.8 million barrels to 419.1 ‍million barrels in the week ended January 2, the Energy Information Administration said. Venezuela has been selling its flagship Merey crude grade at around US$22 per barrel below Brent ‍for delivery at its ports. "That raises the expected price of oil over the medium term, especially if the Venezuelan regime survives," the ⁠BMI analysts said.

Source: The Star January 07, 2026 23:34 UTC