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Market analysts react to Trump’s Venezuela gamble
The global investors face a new surge in geopolitical risks after the U.S. captured Venezuelan President Nicolas Maduro. However, initial market reactions have been relatively calm with oil volatile and safe haven flows lifting gold. On Monday, stocks rose on the back of tech and defence sectors. The dollar also advanced. Here are some comments from market analysts. VISHNU VARATHAN HEAD OF MACRO RESEARCH ASIA EXJAPAN MIZUHO SINGAPORE "We're reminded that?geopolitical risk is much greater than a number cast on imported goods. "The sanctions against Venezuela and its exceptional dependence on oil exports... means that the Venezuelan regime change impact through trade channels and investment channels is quite naturally limited and ringfenced. This is why there hasn't been a big selloff. The question and case in mind are: Is the stability of LatAm at risk? The effects could be far greater. "Trump has clearly warned Colombia and Mexico, but he also mentioned Cuba. Part of the population is happy that Maduro has left. I think it is less clear that the U.S. would be viewed negatively if Venezuela was not involved, especially without the significant benefits from the oil "endowments", even if other minerals were used. KYLE RODDA, SENIOR MARKET ANALYST, CAPITAL.COM, MELBOURNE The short-term implications are relatively limited and confined to the energy sector. The market is definitely responding?in precious-metals, and this is the government's increasing their exposure to alternatives that are not dollar-based (and non fiat). Other than that, I believe the markets are more interested in what lies ahead. TAI HUI, CHIEF MARKET STRATEGIST FOR ASIA-PACIFIC, J.P. MORGAN ASSET MANAGEMENT, HONG KONG The lack of response is due to two factors. Venezuela's oil output in relation to the global production is very small (around 1%) It's not likely to be able increase production or add to the global supply anytime soon due to years of underinvestment. "It is still unclear what will become of the new regime, as President Trump has announced that the U.S. will be 'running Venezuela' in the short-term. The energy market would have the most impact on global markets. There will be geopolitical repercussions, but I don't think the financial markets can accurately price such risks." VASU MENON - MANAGING DIRECTOR FOR INVESTMENT STRATEGY, OCBC SINGAPORE While President Trump pledged U.S. support for the industry to revitalise the oil production in Venezuela, restoring operations would require "significant time" and substantial capital investment. Oil prices could rise modestly in the short-term due to supply disruptions and ongoing political turmoil. "However the impact may be limited given that Venezuela is currently not a major producer of oil. OPEC's production decisions could?also stabilize prices. The Trump administration's appetite for regime change remains to be seen. Strategic calculations are being made against a backdrop of an upcoming midterm election year. The outcome is unpredictable. This uncertainty may keep oil prices high. The geopolitical situation may be more volatile, which could boost haven assets such as precious metals. Overall, the markets are less susceptible to geopolitical risk today. They have survived an eventful year in 2025. As last year showed, there could be a skittish response to short-term shocks, but the effect might be temporary. Rae Wee, Gregor Stuart Hunter and Shri Navaratnam in Singapore reported the story; Ankur Banerjee compiled it; Shri Navaratnam edited it.
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Trump uses intimidation to get Venezuelan leaders in line
The Trump administration, after removing Nicolas Maduro as Venezuela's president from power in 2017, is betting that it can intimidate Venezuelan leader Nicolas Maduro's inner circle to follow the US. Sources familiar with the situation claim that Trump administration officials have threatened to take further military action, which could result in a similar fate for them. Donald Trump, the U.S. president, said that the United States might consider a second'military operation' in Venezuela if Venezuelan interim government did not cooperate. Trump told reporters on board 'Air Force One', which was traveling from Florida back to Washington, that he would consider a second military operation in Venezuela if the interim government did not cooperate. He said that if they didn't behave we would do a second attack. When asked if that meant U.S. soldiers would be deployed to the ground for peacekeeping, Trump replied it would depend upon the actions of Interim President Delcy Rodriguez's government. Trump's advisors believe that they can also work behind the scenes to help Rodriguez. Despite her public defiance she is seen as a technologist who could be willing to work with the U.S. to facilitate a political change and to address key oil issues. Trump wants Rodriguez to allow the U.S. to have "total" access to Venezuela's oil infrastructure and to roads and bridges in disrepair. Trump warned reporters that if she and the interim administration do not cooperate they may face a harsh response. He said that Maduro "had given up instantly" and that Trump would be able to use military force against her. The uncertainty?about Trump's administration's use?of military force raises questions about his abilities to bend the post Maduro Venezuelan Government to his will. According to a source, the sweeteners that Maduro could offer his aides are offers of amnesty and safe exile. These were the types of offers Maduro refused in his last days before being captured by U.S. Special Forces on Saturday. He is currently being held in a New York jail awaiting his Monday court date on drug charges. The Venezuelan Defense Minister Vladimir Padrino, and Interior Minister Diosdado Cabello, both powerful members of Maduro’s inner circle, who have each received multi-million dollar U.S. bountys on their heads, remain spoilers for any agreement with the U.S. due to their control over the country’s military and intelligence apparatus. Trump's efforts could be undermined if Democrats are able to convince enough Republicans that they should restrict funding for "further Venezuelan military operations". The U.S. President's promise on Saturday to "run?"?post Maduro Venezuela seems to be a desire to exert control - or, at least, heavy influence – over the OPEC country without deploying U.S. forces that would not have much support in their home country. Officials in the United States believe that they can still get Venezuelan cooperation by maintaining a massive buildup of military forces off its coast, and by threatening further airstrikes, targeting Maduro's loyalists, and as a final resort, sending a contingent U.S. soldiers. The source said, "This sword is hanging over Trump's head." According to a source with knowledge of the situation, Venezuela's leaders may feel particularly vulnerable due to the damage caused by U.S. strikes on Venezuela's air defence systems. Rubio stressed on Sunday news shows that another major way to exert pressure is by maintaining a "quarantine", which would prevent Venezuelan oil from being shipped out, the main source of income for the government. VENEZUELAN OPERATORS DEFY Top Venezuelan officials who called the capture Maduro's and his wife Cilia Flores as a kidnapping, and accused the U.S. trying to steal Venezuela's vast oil reserve, insistent that they remain united. Rodriguez, who is also Venezuela's oil minister, has been appointed interim leader by Venezuela's highest court. She has stated that Maduro will remain president. Rodriguez, who has a strong connection with the private sector, and possesses a deep understanding of oil, which is the main source of income for the country, has been considered to be the most pragmatic of Maduro's inner group. However, she has publicly contradicted Trump's claims that she was willing to work with America. Rubio, ignoring Rodriguez' defiant words, told CBS: "We are going to assess them on the basis of their actions, not just what they publicly say." Trump did not mention restoring democracy in Venezuela during his press conference held on Saturday. He also disappointed the opposition by dismissing the idea of working together with Maria Corina Machado - widely regarded as Maduro’s most credible rival and winner of the Nobel Peace Prize - and focusing more on the 'prospects' for exploitation Venezuela's oil resources. Trump's advisers seem to believe that co-opting Venezuelan's current leaders is the best way to stabilise the country, create a pathway for U.S. investment in oil and move towards some sort of political transition away the Maduro regime. Since the U.S. invaded Panama in 1977 to remove military leader Manuel Noriega on allegations that he ran a drug-running organization, it hasn't intervened so directly in Latin America. The United States also made similar accusations against Maduro. They accused him of running a 'narco-state' and rigging 2024 elections, which he denied. Trump did not provide a clear picture of how the U.S. will fulfill its vow to oversee Venezuela. Critics condemned this as neocolonialism, and it would alienate some supporters who are opposed to foreign intervention. Two U.S. officials say that the Western Hemisphere Office of the U.S. State Department was taken by surprise by Trump’s remarks. No preparations had been made to send staff to Caracas. Matt Spetalnick, Humeyra Pauk and Valerie Volcovici, Washington. Additional reporting by Jonathan Landay, Diane Craft, and Sergio Non.
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Investors assess Venezuela implications as they watch oil prices and stocks rise.
Investors weighed the implications of U.S. military intervention in Venezuela as they prepared for the week's worth of economic data releases that will be released in the first trading week of 2019. S&P 500 futures rose 0.1%, while MSCI's broadest Asia-Pacific index outside Japan gained 1.2%. Investors are assessing what the impact of the dramatic events of the past weekend, in which the U.S. captured Venezuelan President Nicolas Maduro. On Saturday, President Donald Trump announced that he would temporarily take Venezuela under American control. Neil Shearing is the group chief economist at Capital Economics. He said that the removal of Venezuelan President Nicolas Maduro from office by the U.S. will not have any significant economic effects on the global economy in the near future. "But its geopolitical and political ramifications are likely to reverberate," said Neil Shearing, group chief?economist at Capital Economics. Brent crude futures rose 0.2% to $60.87 as oil markets assessed?the impact?of the U.S. intervening in Venezuela and a Sunday vote by OPEC+ to maintain oil production at the same level. "A bearish story on oil prices is highly unlikely." Venezuela will need capital and engineering help to reach its'maximum production, which wasn't that impressive at the start," said Marko papic, chief strategy at BCA Research, Los Angeles. Papic said, "We do not consider ourselves to be sellers of oil at this time and in fact we think that there could be upside risks." The Nikkei225, a regional stock market, climbed 2.8% and is now near the record high set two months ago. The Japanese stock market continued to rise as the data revealed that manufacturing activity in December stabilised, ending a 5-month-long decline. Seoul's Kospi?and Taiwan?each climbed more than 2 % to reach new record highs. The Chinese markets were muted. The Hang Seng Index rose 0.1%. Chinese oil companies weighed down the index, which is a measure of Hong Kong-listed energy shares. Australian shares rose 0.1%. Vasu Menon is the managing director of OCBC's investment strategy in Singapore. He said: "Strategic calculations are taking place against the backdrop a midterm election year and developments are unpredictable." This uncertainty could support oil prices. "A more volatile geopolitical climate may boost haven assets such as precious metals." The U.S. dollar index, which measures greenback strength against a basket six currencies, rose 0.1% to 98.55 at the end of last day, continuing recent gains for a fifth straight day. The yield of the 10-year Treasury Bond in the United States was up 0.2 basis point at 4.187%. Gold rose 1%, trading at $4371.29. Bitcoin rose 0.2% to $91,452.90 while ether remained flat at $3.141.29. (Reporting and editing by Gregor Stuart Hunter, Muralikumar Anathharaman, and Shri Navaratnam).
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Oil volatile; Asian shares rise despite Venezuelan impact
Asian stocks opened higher on Monday and oil prices were 'choppy' as investors looked beyond the U.S. military actions?over the weekend? in Venezuela in order to prepare for the upcoming week of economic data in the first trading week of 2019. S&P 500 futures and MSCI's broadest Asia-Pacific share index outside Japan were both 0.1% higher at the end of last week. Investors are evaluating the impact of a weekend filled with dramatic events that saw the U.S. capture Venezuelan president Nicolas Maduro. On Saturday, President Donald 'Trump' said that he would temporarily place Venezuela under American control. Neil Shearing is the group chief economist at Capital Economics. He said that the removal of Venezuelan president Nicolas Maduro by the U.S. will not have any significant economic effects on the global economy in the near future. "But the geopolitical and political ramifications of this decision will be felt." WTI crude futures?flood between gains and losses?and?were?last up 0.1% at $57.36 as oil markets assessed impact of U.S. involvement in Venezuela, and a Sunday vote by OPEC+ to maintain oil production. "A bearish story on oil prices is highly unlikely." Venezuela will need capital and engineering help to increase its production, which has never been impressive, said Marko Papic of BCA Research, Los Angeles. Papic said: "We do not consider ourselves to be oil sellers in this situation, and we think that there could be downside risks." The Nikkei225 in Japan rose 2.5%, reaching its highest level in two months. Meanwhile, the Kospi index of Seoul grew 2%, setting a new record. The?U.S. The dollar index, which measures greenback strength against a basket six currencies, rose 0.1% to 98.55 last night, extending recent gains for a fifth day in a row. The yield of the 10-year Treasury Bond in the United States was last 0.2 basis points higher at 4.187%. Gold rose 1%, trading at $4371.29. Bitcoin last traded up 0.2%, at $91,452.90. Ether was last trading flat, at $3,141.29. (Reporting and editing by Gregor Stuart Hunter, Muralikumar Aantharaman).
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Russian politicians say Trump strike on Venezuela unlawful, destabilising
Dmitry Medvedev, the deputy chairman of Russia's Security Council and a senior legislator said at the weekend that "U.S. The actions of President Donald Trump in Venezuela are illegal and destabilising. However, they can be portrayed as an assertion of U.S. interest. Comments follow Trump's ?statement The United States has struck Venezuela, and Maduro and Maduro's wife have been captured and removed from the country. This prompted international reactions and calls for urgent UN discussion. Medvedev said to TASS that Trump's behavior was not only illegal, but also internally coherent as it served U.S. interest. "It is important to acknowledge that, despite Trump's obvious illegality, there is a consistency in his behavior. Medvedev said that Trump and his team "defend their country's interests very harshly". Medvedev claimed Latin America was seen as "the backyard" of the United States and suggested Trump wanted to gain leverage over Venezuelan oil supplies. Medvedev, citing TASS, said that Uncle Sam's motivation has always been the same: to take other people's goods. He said that if a similar?operation was carried out against a more powerful country, this would be viewed as an act or war. Alexei Pushkov is a Russian Senator who chairs the Federation Council's information policy commission. He said that Trump's rhetoric and the operation could prove to be less effective than they were. "It is impossible to deny the impact of Trump's statements and his actions. "Their effectiveness is a different matter," Pushkov stated on Telegram. He said that the initial "triumphs", which he compared to premature U.S. victories in Iraq, Afghanistan, and Libya, later became defeats or prolonged crises. Pushkov stated that the United States had violated international norms by seizing Venezuela's president and attacking Venezuela. This "alarmed" the entire world, returning it to the "wild?imperialism from the 19th century", and bringing back a Wild West right of action at will within the Western Hemisphere. What will be the final outcome? "Will this 'triumph,' not become a catastrophe?" asked he. The Russian Federation has maintained strong ties with Venezuela for many years, including energy cooperation, high-level contacts and military links. Moscow has also supported Caracas in its diplomatic efforts to increase trade and investment. (Reporting, writing and editing by Vladimir Soldatkin; Editing by Guy Faulconbridge & Stephen Coates).
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Trump's political base abandons isolationism and cheers Maduro's capture
Many supporters of U.S. president Donald Trump have praised the capture and detention of Venezuelan leader Nicolas Maduro, describing it as a quick, painless victory. However, political analysts warn that support may wane if "the operation drags out" or echoes previous foreign interventions. Despite a few conservative figures criticizing the attack on Venezuela, and the detention of Maduro, as a betrayal to Trump's pledge "America First", most of Trump's Republican allies sided with him. Early support was given even though Trump had said that the United States temporarily "run" Venezuela, and would?work to?tap into its oil reserves. This raised the possibility of an open-ended foreign involvement which Trump and his MAGA base are opposed to. Political analysts say that for now, the base is willing to cheer the removal of Maduro. They see little risk of escalation, into a long-term quagmire, like the wars of Afghanistan and Iraq. Joshua Wilson, professor of political sciences at the University of Denver, said that this was too recent to expect a MAGA-base backlash. There are a lot of questions about the future, so this could be another test for Trump's ability frame events and control base. Trump's approval rating has been in decline. A /Ipsos survey last month showed that only 39% of U.S. adult citizens approved of his performance. This was primarily due to?disappointment with his handling of the economic situation. Matthew Wilson, professor of political science at Southern Methodist University, says that historically, military action has only given presidents a temporary political boost. This means that the risk is to the Republicans and Trump's disadvantage heading into the November midterm elections, where control of Congress will be at stake. Wilson stated, "If the election goes well, I expect that it will be forgotten by the midterms." "If it doesn't go well, it will become an albatross." The last time that the United States intervened to remove a ruler in a Latin American nation was during the invasion of Panama in 1989, which ousted the dictator Manuel Noriega. This was the first of two relatively quick and successful military operations under U.S. president George H.W. Bush orchestrated the Gulf War in 1991, but he lost his 1992 re-election campaign to Bill Clinton mainly due to?a weak economy. GREENE AND OWENS CRITICIZE ATTACK Democrats criticized Trump's actions against Venezuela, saying they were ill-advised. They also argued that the actions could be illegal because they were taken without Congress' approval. Chuck Schumer, the party leader in Senate, warned that Trump could drag?the U.S. into "another costly foreign war." Marjorie Taylor Greene has joined the Democrats, who have long been Trump supporters but had a public fallout with him this year. On Sunday's "Meet the Press", the Republican said that Maduro was arrested as a betrayal to Trump's promise during the presidential campaign of 2024 to avoid foreign conflicts. She said, "This is Washington's playbook we are so tired of and that doesn't help the American people." Candace Owens, a podcaster who is known for her conspiracy theories and right-wing views, also criticized Maduro's arrest. She wrote on X, that the CIA staged "another violent takeover of a nation at the behest a globalist psychopaths." Most of Trump's supporters, and even some of his critics, either supported the attack or refused to comment. Steve Bannon, former Trump aide, and prominent voice of the Make America Great Again Movement, described the raid on his podcast as "bold" and "brilliant", embodying the tone of hawkishness prevalent among the president's supporters. Officials in the Trump administration have gone to great lengths to describe Saturday's operation against Maduro as an action of law enforcement. Maduro has been indicted for drug-related offenses and will be appearing in court on Monday in New York. MAGA influencers have said that they support Trump's stated aim of asserting U.S. power in the Western Hemisphere. Laura?Loomer, a right-wing activist, argued in a social media post that the United States should exploit Venezuela's vast reserves of oil rather than allow adversaries like Iran, China and Russia to profit from them and finance attacks against the West. Loomer, who lost to Trump in the Republican primary of 2024, wrote: "We will exercise our power and take 'the oil and financial starve the axis evil" on X. He was referring to Representative Thomas Massie. Massie is one of the only Republicans who questioned the legal basis of the strikes against Venezuela. Nikki Haley who lost the Republican primary to Trump 2024 called Maduro a 'brutal socialist dictator' in a post on X. She also said that the Venezuelans "deserved freedom". Rand Paul, the Republican senator and a staunch opponent of foreign military interventions, didn't criticize Trump in a post on social media, but he did warn that "time will show if regime change is achieved in Venezuela without significant human or monetary cost." Matt McManus is a professor of political science at Spelman College. He said that it was incorrect to portray the MAGA movement in a purely isolationist light, as it has always been confident about projecting its power. He cited Trump supporters' support for the U.S. strike on Iranian nuclear sites in June, and Trump's threats against other nations during his first term. McManus stated that "MAGAdom was never defined by an obsession with ideological consistency." It takes its cues a lot from the leaders... And right now, Trump's signalling is very strong that Venezuelan interference is good for America. McManus, along with other experts, agreed that a prolonged military intervention in Venezuela could test Trump's grip on his party and MAGA movement. This is especially true if U.S. soldiers are deployed. The president hasn't ruled this possibility out. Dante Scala is a professor of political science at the University of New Hampshire. He said, "Venezuela will be the test to see if MAGA is what Donald Trump claims it is." Nathan Layne reported from Wilton, Connecticut. Sergio Non edited the story.
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Goldman: US sanctions policy will determine Venezuela's oil output outlook
Goldman Sachs analysts said that the future of Venezuela's oil output will be determined by how?U.S. Goldman Sachs analysts have said that sanctions policies will evolve after U.S. president Donald Trump removed Venezuelan President Nicolas Maduro. Goldman Sachs analysts said that sanctions policy will evolve after U.S. President Donald Trump?deposed Venezuelan?President Nicolas Maduro. In a note published on January 4, Goldman Sachs analysts, led by Daan?Sachs, said that they see "ambiguous but modest risks" to the oil price in the short term from Venezuela depending on U.S. Sanctions policy. Goldman's forecasts for 2026 oil prices remained the same - with Brent's average price at $56 a barrel and West Texas Intermediate at $52 per barrel. Venezuela's oil production in 2026 is expected to remain flat at 900,000. Analysts said that Venezuelan production could rise over the long-term, adding downside risks to oil price forecasts for 2027 and beyond. Venezuela produced around 3 million barrels per day (bpd) at its peak in mid-2000s. It holds about a quarter of the world's proven oil reserves. Analysts say that any recovery in production will be gradual and would require significant investment. We estimate a $4/bbl drop in oil prices by 2030 if Venezuelan crude production increases to 2mb/d. Reporting by Florence Tan, Editing by Lincoln Feast.
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Venezuela's oil, mining and mining sector: huge potential but weak infrastructure
Here are some key facts about Venezuela's oil and mining sector. According to U.S. president Donald Trump, the U.S. captured President Nicolas Maduro on Saturday. RESERVES Official data show that Venezuela may have the largest oil reserves in the world, but its crude production is only a fraction of what it could be due to years of mismanagement, a lack of investment, and sanctions. According to the London-based Energy Institute, Venezuela holds about 17% of the global reserves, or 303 billion barils, ahead of the Organization of Petroleum Exporting Countries leader Saudi Arabia. According to the U.S. Department of Energy, Venezuela's oil reserves consist mainly of heavy crude in the Orinoco Region of central Venezuela. This makes its crude costly to produce but relatively simple to process. Maduro and Delcy Rodrguez, the acting president of Venezuela at the time, announced in?2019 a five-year plan to boost mineral extraction, as an alternative for oil production. Venezuelan government published data in the year before that included key terms used by mining industry, such as reserve and resource, interchangeably. It is difficult to determine if Caracas was aware of its full mining potential. A reserve is a volume estimate for a mineral which can be economically produced. The volume of a particular mineral in a region is called a resource, regardless of whether it can be economically extracted. The 2018 report was published by Venezuela's Mining Ministry website as a "minerals catalogue" for investors. It estimated that coal reserves were approximately 3 billion metric tonnes and nickel reserves at 407,885 tons. The same report also estimated gold reserves of 644 metric tonnes, iron ore resources of 14.68 billion tons (although much of this is speculative), and a resource of bauxite of 321.5 millions metric ton. Venezuela published in 2021 a map of its mineral reserves, based on 2009 data. The map listed antimony, copper and nickel reserves, as well as coltan, magnesium, zinc, titanium, tungsten, and molybdenum. However, it did not include volumes. Rare earths are a group of 17 minor metals used in magnets to turn energy into motion. Rare earths is a subset critical minerals. Venezuela, along with Iran, Iraq Kuwait and Saudi Arabia, was a founding member in OPEC. The country's struggle with electricity has repeatedly hindered mining and oil operations. In the 1970s, the country produced as much as 3.5 millions barrels of crude oil per day. This represented at that time over 7% global oil production. In the 2010s, production fell below 2,000,000 bpd and reached an average of 1.1 million barrels per day last year. This represents just 1% global oil output. This is roughly the same as the production of the U.S. State of North Dakota. If the developments lead to a real regime change in the end, it could result in even more oil being available on market. It will take some time before production recovers fully, said Arne L. Rasmussen of Global Risk Management. Saul Kavonic, analyst at MST Marquee, says that if the regime changes succeed, Venezuelan exports will grow, as sanctions are lifted, and foreign investments return. Jorge Leon, Rystad's head of geopolitical analyses, said that Libya and Iraq are clear examples. Trump said to Fox News Saturday that the United States will be heavily involved in Venezuela's petroleum sector. It is unclear what the operational status of mines linked to Maduro’s 5-year plan. Maduro's National Council for Productive Economy said last month that the national production of iron ore, gold and coal increased in the first quarter of 2025. However, it did not provide any figures. Venezuela nationalized its gold industry in 2011. CVG, a maker of iron and steel, is also under the control of the government. Last October, it was reported that Venezuela had restarted its coal production. It aimed to export over 10 million metric tonnes of the mineral by 2025. The government has not yet confirmed if it met its target. The U.S. Geological Survey estimates that Venezuela produced 100,000 tons of coal in 2019 from 731 million tons of reserves. In the last decade, the production of many minerals has declined, including nickel and bauxite. Joint Ventures Petroleos de Venezuela S.A. was created in 1970, when Venezuela nationalised the oil industry. Venezuela took steps in the 1990s to open up the oil sector to foreign investors. Venezuela required that all oil projects be owned by PDVSA after Hugo Chavez was elected in 1999. Exxon-Conoco left Venezuela in the 2000s, and their assets were confiscated. PDVSA has set up joint ventures with Chevron and other companies, including China National Petroleum Corporation, ENI, Total, and Rosneft, in order to boost production. Maduro said in 2023 that he would license mines in an area where Guyana and Venezuela are in dispute over ownership. Maduro’s government has supported artisanal mining of gold in the Venezuelan Amazon since at least 2016. EXPORTS AND REFINING Since the introduction of the sanctions, China is now the largest buyer of Venezuelan crude oil. Venezuela owes China about $10 billion after China became its largest lender during the late president Hugo Chavez. Venezuela repays loans with crude oil transported by three very large crude carriers that were previously owned jointly by Venezuela and China. In December, two of these supertankers approached Venezuela when Trump announced the blockade on all tankers entering and leaving the country. According to PDVSA documents, and shipping data, the vessels are waiting for instructions as Venezuelan exports were mostly stopped. Trump said to Fox News Saturday that China will get the oil, without providing any further details. Russia has also lent Venezuela billions of dollar, but the exact amount remains unclear. PDVSA owns significant refinery capacity outside of the country. This includes CITGO, which is located in the United States. However, creditors have been fighting to take control through lengthy legal cases before U.S. court. Reporting by Marianna Paraga, Arathy Sommesekhar Dmitry Zhdannikov Ernest Scheyder Daina Beth Soolo; Editing by Jason Neely Stephen Coates
Suncor discovers source of spillage at Sarnia refinery
Canada's Suncor Energy said on Thursday it had identified and isolated the source of a hydrocarbon spill observed during regular monitoring at its 85,000-barrel-per-day refinery in Sarnia, Ontario.
Suncor also stated that there were no reported injuries. Suncor did not specify if the spilled crude oil or fuel.
The company had earlier said that it was responding in response to an incident near the St. Clair River, noting community members might notice an odor.
St. Clair Township, in another community alert reported an oil spill that was being contained by Suncor and Shell booms.
The water distribution system of St. Clair Township is safe to drink. St. Clair Township stated that the spill was in the St. Clair River, and had no effect on drinking water.
Shell Canada announced earlier that workers from the Sarnia Manufacturing Center of Shell Canada in Corunna in St. Clair are offering mutual aid.
Shell will provide emergency response personnel and equipment to help.
Suncor did not respond to requests for comment. Reporting by Noel John in Bengaluru and Brijesh Patel; editing by Leslie Adler and Richard Chang.
(source: Reuters)