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Chevron is competing with rivals to sell Venezuelan oil, according to sources
Sources in the industry said that U.S. oil giant Chevron, global trading house Vitol, and other oil traders and producers are vying for deals to export Venezuelan crude as part of their discussions with U.S. officials about licenses to do business with Venezuela. Sources in the industry said that the companies were lobbying hard to get a piece of future oil exports by the South American producer following the capture of Nicolas Maduro by the U.S. Sources told us on Wednesday that Chevron is the only foreign company currently authorized to export Venezuelan crude oil to the U.S. The U.S. imposed restrictions on the company last year. Chevron now wants Washington's permission to extend its license to operate in Venezuela. Sources said that as part of its request, Chevron is proposing an increase in crude exports through?its joint-ventures to be sold to third parties and to also trade at least a small portion of PDVSA, the state-run oil company's output. Chevron and PDVSA had signed a large deal in late 2022 that allowed them to expand their business in Venezuela. This enabled Chevron to collect billions of dollars in debt. License restrictions, however, have reduced its Venezuelan crude exports to 100,000 bpd by December. Sources requested anonymity to discuss confidential information. Chevron and PDVSA didn't immediately respond to requests for comments. PDVSA said on Wednesday that the negotiations for the oil supply agreement with the U.S. are progressing. The White House did not immediately respond to our request for comment. Sources told?that Swiss commodities traders Vitol and Trafigura will be at the White House on Friday to discuss marketing Venezuelan oil. Sources told?Earlier on Thursday that Vitol had received a preliminary special license from the U.S. government to begin negotiations for 18 months regarding Venezuelan oil. Vitol received a special preliminary license from the U.S. Government to begin negotiations for 18-months to import and export Venezuelan oil. Shariq Khan reported from New York, Marianna Pararaga reported from Houston and Jarrett Renshaw contributed additional reporting.
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Sources say that Harry Sargeant, a Trump supporter and oil baron, advises the US on Venezuela.
According to four sources with knowledge of the situation, Harry Sargeant III, a billionaire energy entrepreneur who is also a Republican donor and a member of his team, advises the Trump administration about how to engineer the return to Venezuela of American oil companies. Sargeant's involvement, a man with long-standing connections to Venezuela's petroleum industry, shows how the Trump administration relies on U.S. executives to guide it in the energy sector of the country following the dramatic U.S. operation last week that led to the arrest of Nicolas Maduro. As U.S. forces continue to seize?oil tanks?linked to Venezuela, Secretary of State Marco Rubio announced on Wednesday that the U.S. will refine and sell as much as 50 million barrels Venezuelan crude. He said: "We will handle the money in a manner that will benefit Venezuelans, and we will be able to control its disbursement." Sargeant has done business in Venezuela since the 1980s. His business interests are small compared to those of the U.S. oil giant Chevron. Sargeant has businesses that buy and sell asphalt made from heavy crude oil in Venezuela. He also invested in several oil fields in Venezuela. He has also had a long-standing relationship with Venezuelan senior officials, such as Maduro and Delcy Rodriquez, the interim president. Sargeant is well-connected to Donald Trump, the U.S. president. He often plays golf with him at Mar-a-Lago. One source familiar with the situation said that Sargeant met with senior Trump officials, including Department of Energy secretary Chris Wright, in Miami in recent days. Sources say that he has advised officials on the terms of contracts and the need to invest in Venezuela's oil infrastructure. He also discussed the need for investment with officials. Sargeant said in an interview that members of his staff, including his son Harry IV and Ali Rahman the executive, had been in talks with U.S. officials, but he did not say he was formally advising them. He said that he, like other oil executives urged the administration to work with Rodriguez instead of opposition leader Maria Machado. He said, "I believe Delcy, when the right time comes, will be willing to take the country into democracy and see free and fair elections." The White House has not commented on Sargeant's role. However, a senior official in the administration said that Trump "is exerting maximum leverage" with Venezuelan elements to ensure they work with the United States. This includes stopping illegal migration, stopping the drug flow, revitalizing the oil infrastructure and doing the right thing for the Venezuelans. The U.S. Department of Energy did not respond to an inquiry about Sargeant. Delcy Rodrigo and a spokesperson for the Venezuelan Government did not respond to an inquiry for comment. OIL MAN WORKING in TURBULENT COUNTRIES Sargeant was the former finance chair of the Florida Republican Party. According to records of campaign finance, his family and corporate entities have donated millions to Republicans over the past few years. Sargeant’s wife Deborah gave $285,000 between 2019 and 2020 to the Trump Victory Fund. Sargeant worked in the oil industry in some of the world's most turbulent political countries. Sargeant was contracted by the Pentagon to provide fuel to U.S. soldiers during the Iraq War. The Congressional Oversight Committee accused him in 2009 of overcharging the Pentagon for oil during the Iraq War. Sargeant denied these allegations, and in 2018, a Defense Department probe found "no fraud vulnerability" and determined that his company would be paid $40 million for the work it had done under government contracts in Iraq. GlobalOil Terminals was one of his companies that exported asphalt from Venezuela up until last spring, when the The U.S. Treasury Department has revoked the license of its company The move was part a campaign of pressure against Maduro, led by U.S. president Donald Trump whose first administration had imposed sanctions on Venezuelan crude oil. Energy magnate Carlos Slim is among several oil executives who are helping senior officials plan a list of projects that will revive Venezuela's oil industry and gas after decades of mismanagement and sanctions. This includes increasing oil supply to the United States. Two sources stated that foreign investment in infrastructure and other markets, as well as increasing oil supplies to the U.S. One of the sources stated that "there are very few people in the U.S. Government who have the expertise needed to manage this sector," referring to Venezuela. The person in question, as well as others quoted in this article, asked to remain anonymous when discussing internal administration decisions. Sargeant, a senior energy executive who has been in contact with Trump's administration for several days now, is influential in part because of his relationship. Sargeant said that he has "never talked to the President about Venezuelan oil" but could not independently verify this. RELATIONS WITH MADURO AND RODRIGUEZ Sargeant’s companies have worked with the Maduro Government and the PDVSA, the state-run oil corporation for many years. A company that is partially owned by Sargeant has sought to?outsource a Deal with the Government In 2017, it was reported exclusively that three oil fields would be rehabilitated. In 2024, after the lifting of certain U.S. sanctions Deal with PDVSA The equivalent of 570,000 barrels asphalt will be used in projects in the U.S. The Republican donor was also involved in outreach by the Trump administration to Venezuelan leaders. He helped to broker a special meeting in February 2025. Maduro and U.S. ambassador Richard Grenell Sargeant said that the two men discussed deporting migrants to Venezuela, releasing American prisoners, and extending a license for Chevron in the United States. The U.S. announced that Chevron would have its license extended. Chevron didn't immediately respond to an inquiry for comment regarding their licenses and Sargeant’s role. Sargeant, along with other oil executives who are close to the U.S. administration, have told the U.S. Government that Rodriguez is a more likely candidate to be the interim president. She could control the oil sector better and guarantee American oil companies access to the country than the opposition leader Maria Machado. Two sources claim that in their conversations with Rodriguez, U.S. government officials, including Secretary Marco Rubio, discussed the need for favorable contracts to allow American companies to return to Venezuela. They feared the legal and financial risks of investing there. It was not possible to determine if Rodriguez had committed to the request, or what exact terms she would offer American oil companies. One person who was familiar with the talks said that the administration is confident that Rodriguez will deliver. Sargeant stated that his team members in Venezuela had been in contact with Rodriguez ever since Maduro was captured. However, he had only exchanged a single text message to wish her luck in her new position. Erin Banco reported from New York; Sarah Kinosian from Mexico City; and Matt Spetalnick, Washington. Marianna Pararaga contributed additional reporting from Houston. Don Durfee, Michael Learmonth and Don Durfee edited the story.
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EU Antitrust Approves Merger Between Anglo American and Teck
According to an EU filing, the proposed merger between London-listed miner Anglo American and Canada's Teck Resources is headed for antitrust clearance in Europe after EU regulators indicated that there were no competition concerns. The EU's competition enforcer has reviewed the deal, which is?the second largest ever in the mining industry,? under a streamlined procedure, after the companies requested approval on Tuesday. This means that the EU watchdog is not concerned about a merger causing'significant competition problems.' It will only conduct a routine inspection. Commission's decision on deal to create the fifth largest copper company in the world will be made by February 10. Canada has already approved the deal. The Commission also assesses the 'deal' under its Foreign Subsidies Regulation, which aims to?restrict competition by?non EU companies that are subsidised by governments outside the EU. The decision must be made by February 3rd. Anglo American announced its proposed merger with Teck in September last year. (Reporting and editing by Matthew Lewis in Brussels, Foo Yunchee)
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UN chief Guterres regrets US withdrawal from certain UN entities
His spokesperson stated that the United Nations Secretary General Antonio Guterres regretted a U.S. withdrawal from dozens of U.N. bodies, and stressed that U.S. funding was mandatory for "a large number" of these organizations. U.S.?President Donald Trump announced on Wednesday that United States will withdraw from dozens international and U.N. organizations, including one that promotes gender equity and women's empowerment and another that is a U.N. entity, as they "operate against U.S. National Interests." Stephane Dujarric said that a "large number" (of the 31 U.N. organizations on the U.S. List) are funded from the regular U.N. Budget. He added that the U.N. had not received any notification in writing from the Trump administration. He said the U.S. listed treaty organizations it intends to withdraw from. This would require "official letters". Dujarric stated that "all United Nations entities" will continue to implement?their mandates, as determined by member states. "The United Nations is responsible for those who depend upon us." According to the assessments decided by the General Assembly, the United States pays the maximum of 22% to the U.N. budget. These payments are compulsory. Dujarric stated that the U.S. did not make any payments to the regular budget in 2013. Washington currently owes around $1.5 billion. Dujarric stated that "assessed contributions to the United Nations' regular budget and the peacekeeping budget?as approved?by the General Assembly?are a legal obligation?under the U.N. Charter for all member countries, including the United States". The regular budget, which is $3.45billion for 2026, includes work in political, humanitarian, economic, social, and communications affairs. Most contributions to the U.N. Most U.N. agencies, funds and programmes - like the World Food Programme or UNICEF for children - are voluntary. Trump said that the U.N. has "great potential", but it does not fulfill this. He wants to cut U.S. funding. Guterres, in March, launched UN80, a task force for reform that aims to reduce costs and increase efficiency.
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Trump and Congress act to lift the ban on mining in northern Minnesota imposed by Biden
According to documents and officials reviewed by, the Trump administration and U.S. Congress will launch a plan to reverse former president Joe Biden's ban on mining in northern Minnesota. This plan is intended to prevent future administrations taking similar measures. The Twin Metals project in Antofagasta, which is one of North America's biggest untapped reserves of these critical minerals, has been developing for the last year. The plan's details have never been revealed before. Trump has refocused on domestic mining projects in the United States, even though his administration continues to push for mineral access. Greenland Ukraine And elsewhere Minnesota's plan will almost certainly escalate tensions over where to obtain minerals vital for an electrified economy, and national security. Copper, nickel, and cobalt is used in the manufacture of electric vehicles, AI-data centers, windmills, weapons, and a variety of other devices. Omission of a record in the Congress Biden, in 2023, blocked mining for 20 years on 225 504 acres of the Superior National Forest, citing concerns about the environment and the belief that the economy would be better served by?recreational activities than mining. The ban on mining was not filed in the Congressional Record which tracks legislative actions and is an official 'notice to Congress', but rather the Federal Register which tracks executive branch actions. A 1976 law called the Federal Lands Policy and Management Act requires a president to inform Congress about public land orders that cover more than 5,000 acres. Trump's Interior Department has filed the notice with the Congressional Record in anticipation that Congress will reject it. Interior Department notified the U.S. House of Representatives earlier this week. The U.S. Senate's Vice President JDVance received the notice, which is currently being reviewed by the U.S. Senate Parliamentarian. The plan would be approved or rejected by Congress with a simple majoritiy within 60 days if it is approved by the parliamentarian. This vote is not subject to a 'filibuster. Minnesota Representative Pete Stauber (a Republican from northern Minnesota) plans to introduce legislation by Friday that will reject the mining prohibition. If Congress and Trump approve, which is expected in the Republican-controlled body, a future president could not replicate Biden's ban because of a provision in the 1996 Congressional Review Act. Mining Leases could be reissued Staffers in Congress said that the complex legislative plan was a result of congressional efforts to include this measure into Trump's "One Big Beautiful Bill" which was signed into law by Trump last July. We have industries in the United States that require these essential minerals. Stauber, also the chair of the U.S. House Subcommittee on Energy and Mineral Resources in Washington, said that we must not rely on supply from foreign enemies like China. The White House did not respond to a request for comment. The Trump administration will be free to reissue mining permits for Antofagasta in Chile, which has tried for decades to develop the mine on federally controlled land. The mine will still have to go through an environmental review and get permits. Stauber told him that the Trump administration has informed him they are working to reissue the leases. He did not provide any additional information. Antofagasta’s Twin Metals unit expects to regain the leases?in a short time frame but has not commented on the efforts to reverse the mining ban before legislation is introduced. Since 1996, the leases have been a political hot potato. Former President Barack Obama cancelled them before Trump reinstated in his first term. Biden then cancelled them again. The site has not been mined. TENSIONS - MINING AND OUTDOOR RECREATIONAL ACTIVITIES If built, the underground Twin Metals Mine would be a major source of nickel, cobalt, and copper in the United States. The only nickel mine in the United States is scheduled to close at the end of this decade. More than 150,000 outdoor enthusiasts visit the region each year. Many of them have long been concerned that a mine disaster would pollute rivers, and spread quickly through the Boundary Waters Canoe Area Wilderness' 1.1 million acres and onto the Great Lakes. Antofagasta is known for its commitment to protecting the environment. (Reporting and editing by Ernest Scheyder, Veronica Brown, Ni Williams)
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GLOBAL-MARKETS-Stocks edge down, yields rise ahead of US jobs report; defense shares gain
Treasury yields rose and major stock indexes remained mostly flat on Thursday, ahead of the key U.S. employment report due Friday. Meanwhile, shares in defense companies soared amid U.S. president Donald Trump's plans to spend $1.5 trillion on the military. The aerospace and defense index reached a record high. European defense shares have also reached a new peak. Investors also watched developments in Venezuela, which led to a rise in oil prices. The U.S. military captured Venezuelan president Nicolas Maduro over the weekend. The White House announced on Tuesday that Trump is also considering options to acquire Greenland. The number of Americans who filed new claims for unemployment benefits increased moderately in the last week. This suggests that layoffs will be relatively low by the year 2025. However, the demand for labor is still sluggish. The Federal Reserve is expected to cut rates at least twice this year. However, a divided Federal Reserve indicated in December that there would only be one rate cut in 2026. At its meeting in this month, the Fed is expected keep rates steady. The U.S. Employment report for December, which is due on Friday, will be crucial. Guy LeBas is the chief fixed income strategist for Janney Montgomery Scott, a Philadelphia-based firm. The Dow Jones Industrial Average fell 171.04 or 0.35% to?49167.35. The S&P 500 dropped 6.83 or 0.09% to 6,914.96. And the Nasdaq Composite declined 168.65 or 0.71% to 23,420.08. The MSCI index of global stocks fell by 2.86 points or 0.28% to 1,028.62. The STOXX 600 Index fell by 0.21%. The dollar index (which measures the greenback against a basket including the yen, the euro and other currencies) rose by 0.08%, to 98.81. The euro has been flirting with its eighth consecutive drop against the dollar. The yield on the benchmark U.S. 10 year notes increased 4.1 basis points from 4.138% at late Wednesday. Venezuela's defaulted bonds finally cooled down after their near 40% increase following the weekend's event fuelled investor hopes for a massively complicated debt restructuring. U.S. crude climbed 1.8% to $57.00 per barrel. Brent crude rose to $61.13 a barrel, up by 1.95% for the day. Gold prices were almost flat.
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India detains environmental activist over anti-fossil fuel work
Indian officials announced on Wednesday that an environmental activist who was working to coordinate a global agreement to phase out fossil fuels had been detained and then released as part of a probe into foreign funds being used to 'undermine Indian energy policy. India's Enforcement Directorate conducted a search of the home of Harjeet and Jyoti Singh, who are the founders of the environmental NGO Satat Sampada. The raid was part of an investigation into the "suspicious" foreign remittances received by the group to promote the Fossil Fuel Non-Proliferation treaty in India. Vanuatu proposed the treaty in 2022. It aims to end fossil fuel production and bring about a "transition" toward green energy. The treaty is supported by 18 developing nations, including Colombia and Pakistan. Satat Sampada stated in a statement that Singh had been granted bail, and that both he and Awasthi were "willing to extend complete cooperation and provide any further information required". The investigation comes after the conclusion COP30 Climate Summit in Belem (Brazil), where several countries complained about a final result that avoided stronger plans to rein in greenhouse gas emissions or phase out fossil fuels. The Indian agency stated that "while presented as a climate change initiative, its adoption may expose India to legal challenges in international fora such as the International Court of Justice. This could severely compromise India's energy security. Last July, the ICJ released an advisory opinion that stated wealthy nations had a'responsibility' to curb climate changes. Tzeporah Bernman, the founder and chairperson of the Fossil Fuel Non-Proliferation Initiative, was unable to comment on the details of the investigation but stated in a press release that the treaty is meant to support India, not undermine it. The proposal aims to assist developing countries, including India, through international cooperation, economic diversification and access to finance. She said that the goal was to promote a fair and orderly transition to renewable and accessible systems with a special focus on those in most need. (Reporting from Washington by Valerie Volcovici and Singapore by Sudarshan Varadhan; editing by Matthew Lewis).
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Rain and snow wreak havoc on the Balkans, causing one death in Albania
A man drowned in Durres, a city in the province of Albania. Emergency teams were working around the clock to rescue dozens of people trapped by flooded homes. Since Sunday, the Western Balkans has been affected by snow and other winter conditions, including power outages, road closures, and water shortages. The defence ministry reported that emergency?teams used boats to rescue villagers trapped inside flooded homes in the area around Fier and Vlora in southwest Albania after the Viosa river rose above 9 metre height. According to the interior ministry, a 55-year old municipal worker, who went missing on Tuesday, was found dead in a Durres drainage canal, likely swept away by current. Emergency services are working to remove the water from 800 homes and buildings after sheltering 300 people at army? and police facilities. On Thursday, in neighbouring Kosovo where large areas of land were flooded over the past few days, rain was replaced by snow. Bosnia was also hit by snow. It is difficult to operate in this way, as the streets are not swept, particularly for pedestrians," said Armin Hasanovic, an?Sarajevo resident. On Thursday morning, a temperature of -14°C (7°F) was recorded in Zagreb. Meteorologists predict a cold snap on Sunday that will be even more severe. Reporting by Florion Goga in Albania, Fatos bytyci, in Kosovo, Antonio Bronic, in Zagreb and Amel Emric, in Sarajevo. Writing by Daria Sucic, Editing by Alison Williams.
Gold prices fall on lower US inflation figures and a firmer dollar
Gold prices fell on Friday as lower-than expected U.S. inflation data reduced the appeal of bullion as a "hedge" against price increases, and a stronger dollar added to that.
As of 0615 GMT spot gold was down 0.1% at $4,328.24 per ounce, but it was expected to finish the week 0.6% higher. U.S. Gold Futures dropped 0.2% to $4356.80.
Spot silver increased 0.8% to $65.93 per ounce. It appears poised to finish the week at a?6% higher level after reaching an all-time high of $66.88 an ounce on Wednesday.
Silver is up 128% this year, surpassing gold, which has seen a rise of 65%.
The dollar remained near its 'one-week-highs,' making precious metals priced in greenbacks more expensive to other currency holders.
Tim Waterer, KCM Trade's Chief Market Analyst said: "The softer inflation prints were a double-edged blade (for gold and Silver) in that they help justify a more dovish Fed but also means that their appeal as inflation hedges is diminished."
The dollar is also creating resistance.
U.S. consumer price index rose 2.7% in November, a far lower rate than the 3.1% increase predicted by economists.
After the data, the Fed funds rate futures showed a slight increase in the likelihood of reducing rates at the January meeting.
Goldman Sachs believes that gold prices will rise 14% by December 2026 to $4,900/oz in its base scenario, according to a note released on Thursday. However, it also cited upside risks due to the potential diversification of private investors.
Waterer said that "precious metals have become a rage, and platinum and palladium are now following gold and silver in the trend." Platinum climbed 1.1% to reach $1,937.20 on Friday after reaching a 17-year high. Palladium rose 0.6% to $1706 after reaching a near three-year high in the previous session.
Palladium is on course for its best weekly gain since September 2024.
(source: Reuters)