Venezuela

Three sources with knowledge of the situation said that the United States has informed Delhi it may resume its purchases to replace Russian?oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the next few months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed tariffs of 25% on countries that bought Venezuelan oil, including India. His administration also stepped up its campaign against Venezuelan president Nicolas...

Mike Wirth, CEO of Chevron, said that the U.S. major oil company can refine an additional 100,000 barrels of Venezuelan crude per day at its refineries. "We have been bringing in about 50,000 barrels per day, plus or minus, to our Pascagoula refinery, Mississippi, on the Gulf Coast. Wirth stated during a conference call with analysts that we can add another 100,000 barrels per day to our system. This is true for both Pascagoula, and the West Coast where El Segundo has coking capacity. "I think you can expect to see more Venezuelan crude being used in our system, if...

Valero Energy announced on Thursday that it had 'purchased' Venezuelan crude oil from authorized sellers. The company expects this grade to be a major part of the heavy oil diet for its refineries as soon as next month. U.S. refining companies are expected to gain from President Donald Trump’s efforts to increase oil production in Venezuela and to rebuild the country’s deplorable oil sector after the capture of Nicolas Maduro this month. Valero said that it had engaged with all three authorized sellers, and bought barrels from each of them. This was in an email sent to customers on Thursday...

Four people who are familiar with these reports in recent days have expressed doubts that interim Venezuelan president Delcy Rod will cooperate with Trump's administration by cutting off ties to U.S. enemies. Officials of the United States have publicly stated that they want Venezuela's interim president to cut ties with allies such as Iran, China, and Russia. They also want their diplomats and advisors expelled from Venezuela. Rodriguez, who was sworn in by the representatives of these countries at the beginning of this month, has not yet publicly announced such a decision. She was elected president on January 3 after...

Vikas Kaushal, chairman of India's Hindustan Petroleum Corp Ltd, said that the refiner will increase the heavy oil processing in the new fiscal year starting April. Indian refiners are Consideration Importing Venezuelan crude oil, which is offered by Vitol or Trafigura as part of a U.S. mandated sale following Washington's capture of Venezuelan President Nicolas Maduro in the first half of this month. "We're trying to increase the flexibility of our system, as we have two new installations, which will allow us to process heavy crudes more efficiently,"?Kaushal said to reporters at the Indian Energy Week Conference, referring specifically to...

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The "Sell America' trade is back in the news, and even though it may quieten down after reports of U.S. president Donald Trump's possible Greenland deal it's safe to assume that it won't?go away. We've done this before. Last year, the term "de-dollarization", which was coined by Trump's tariffs-based trade war, became a buzzword. Investors were worried that they would reduce their exposure to U.S.-based assets. This?didn’t happen. U.S. Treasury official figures show that foreigners purchased a net of $1.27 trillion in U.S. Securities during the first eleven months of last year. This was primarily due to a flood of...

A U.S. official stated on Thursday that the Trump administration allows China to purchase Venezuelan crude oil, but not at the "unfair and undercutting" prices which Caracas had sold it at before the U.S. ousted President Nicolas Maduro. The official, who spoke on condition of anonymity, said that while the oil would be sold globally, the U.S. government has insisted that the majority is sold to them. The U.S. claims it will continue to control Venezuela's oil sales after seizing Maduro in January. The official stated that "thanks to President Donald Trump's successful and decisive law enforcement operation, Venezuelans will...

Trafigura, a trading house, has sold its first shipment of Venezuelan crude oil, as part of an agreement between Caracas, Venezuela, and Washington for the supply of 50 million barrels of oil. The Spanish refiner Repsol is expected to receive a shipment of this quantity. Two sources stated that the cargo should be delivered to Repsol by mid-February. Trafigura and Repsol have declined to comment. The agreement would be one of the first to sell Venezuelan oil in Europe since the United States captured Venezuela's leader at the beginning of this month, and struck an agreement with Caracas for the...

Trafigura, a trading house, sold a 'cargo' of Venezuelan oil, to a Spanish refiner. Vitol, a rival, was preparing to export Venezuelan fuel as shipments from the OPEC nation accelerated, according to oil industry sources. U.S. officials reported that Vitol, Trafigura and other companies obtained their first U.S. licensing to load and export Venezuelan crude oil earlier this month. Initial sales reached $500 million or approximately 11 million barrels last week, they said. U.S. officials said that other companies, such as U.S. giant Chevron, were waiting for Washington's exemptions from U.S. sanctions against Venezuela before expanding exports. According to industry...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries....

Gold dropped on Friday and was heading for its steepest daily drop since 1983 after?U.S. Donald Trump named his Fed Chair nominee, and silver fell nearly 30%. It was on track to have its worst-ever day. Gold spot dropped 9.5% at 1:57 pm to $4,883.62 an ounce. Prices reached a record high of $5,594.82 at 1857 GMT ET. U.S. Gold Futures for February?delivery settled at $4,745.10, down 11.4%. Analysts have described the selloff as a profit-taking. It has also affected other precious metals. Suki Cooper of Standard Chartered Bank, Global Head, Commodities Research, stated that the market was due for...

Gold prices fell by over 8%, briefly breaking below $5,000 as the dollar strengthened ahead of Donald Trump's U.S. Federal Reserve statement on Friday. However, bullion is still poised to make its largest monthly gain since 1982. As profit-taking took hold, other precious metals have also fallen sharply. Spot gold fell 5.7% to $5,087.99 per ounce at 1257 GMT. It had fallen as low as $4.957.54 an ounce earlier in the day. U.S. gold futures for February delivery fell 4.6% to $5,081.70. Rania?Gule is a senior analyst at XS.com. She said: "I see this decline as a correction and a...

Gold prices fell by over 8% on Friday to 'break below $5,000 mark as the dollar strengthened due to the upcoming appointment of the new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1982 following multiple record highs. As profit-taking took hold, other precious metals have also fallen sharply. Gold spot was down 5% to $5,124.37 per ounce at 1132 GMT. It had fallen earlier in the day to $4,957.54. U.S. gold futures for delivery in February fell by 3.9% to $5118.40. Gold reached a record high of $5,594.82 Thursday, and...

Gold prices fell by over 7% on Friday, breaking?below $5,000. The dollar was strengthening on the news of the imminent appointment of a new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1999. As profit-taking took hold, other precious metals have also fallen sharply. By 0947 GMT, spot gold had fallen 7.5% to $4.992.05 per ounce. U.S. Gold Futures for February Delivery fell 6.4% to $ 4,985. Gold reached a record high of $5,594.82 in the US on Thursday. It is on course to gain more than 15% this month. This...

The gold price surpassed $5,300 an ounce on Wednesday for the 'first time,' driven by economic uncertainties and a weakening?U.S. dollar. Investors waited for the Federal Reserve to announce its policy amid growing concerns about their independence. By 12:45 pm, spot gold had risen 1.9% to $5,289.48 per ounce. After reaching a record of $5,311.31, ET (1745 GMT), gold prices fell to $5,289.48 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by 4% to $5286.50 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals...

Investors waited for the Federal Reserve to announce its policy, amid growing concerns about the independence of the Fed. By 11:05 am, spot gold had risen 1.7% to $5,278.28 per ounce. After reaching a record of $5,311.31, ET (1605 GMT), gold prices fell to $5,278.28 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by?3.8% to $5275.30 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president at Zaner Metals said: "The rally has taken on a new life...

Investors waited for the Federal Reserve to announce its policy, amid growing concerns about the independence of the Fed, and the gold price climbed to $5,300 an ounce on Wednesday. By 09:13 am, spot gold had risen 1.4% to $5,259.78 per ounce. After reaching a record of $5,311.31, ET (1413 GMT), gold prices were up 1.4%. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by?3.4% to $5254.10 per ounce. Dollar-priced gold is now cheaper for overseas buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president of the company,...

Gold prices surpassed $5,300 an ounce for a first time on Wednesday as weakened confidence in the U.S. Dollar and concerns about?the?independence?of the U.S. Federal Reserve increased demand for this safe-haven. Gold spot jumped by 1.5%, to $5,266.22 per ounce, at 1225 GMT, after reaching a record of $5,311.31. Prices rose by more than 3% during the previous session. U.S. Gold Futures for February Delivery jumped by 3.5%, to $5260.40 per ounce. "Gold is not only rising because of market anxiety but also due to a shift in confidence towards a more 'cautious stance,'" said Linh Tran senior market analyst...

Gold prices rose to $5,300 an ounce on Wednesday for the first-time as a result of waning confidence in the U.S. Dollar and growing concerns about the independence of the U.S. Federal Reserve. Gold spot jumped by 1.3%, to $5,255.95 per ounce, at 1131 GMT, after reaching a record of $5,311.31. Prices rose by more than 3% during the previous session. U.S. Gold Futures for February Delivery jumped by 3.3%, to $5.250 an ounce. "Gold is not only rising because of market anxiety but also due to a shift in confidence towards a more 'cautious stance,'" said Linh Tran senior...

Gold prices surpassed $5,300 an ounce on Wednesday for the first-time as a result of waning confidence in the U.S. Dollar and growing concerns about the independence of the U.S. Federal Reserve. Gold spot jumped by 1.7%, to $5,275.68 per ounce, at 0940 GMT, after reaching a record of $5,311.31. Prices rose by more than 3% during the previous session. U.S. Gold Futures for February Delivery jumped by 3.7%, to $5,271.70 per ounce. "Gold is not only rising due to'market anxiety', but also as confidence in global monetary and fiscal order is shifting towards a more conservative stance," explains Linh...

The scandal involving the secret meetings of Peru's acting President with a Chinese Businessman has cast a negative light on Peru's key copper exporter, China's ties at a time when the U.S. Beijing's footprint is being closely examined in the region. Jose Jeri has denied wrongdoing for the three meetings with Zhihua Yan, a businessman, that he admitted to having between December and January. The businessman is the owner of Chinese import shops, and he holds a concession to build an energy project. In previous congressional investigations, he was also named as providing alleged logistical support to Chinese companies suspected...

Gold reached another record-high on Friday. Silver and platinum also extended their gains to reach all-time highs, fueled by a?diminishing? confidence in U.S. investments due to geopolitical tensions, and economic uncertainty. As of 0358 GMT spot gold was up by 0.3% to $4,951.91 an ounce after reaching a record high earlier in the day. U.S. Gold Futures for February Delivery increased by 0.8% to $4.952.80 an ounce. "Faith In The?U.S. Its assets are shaken and may be permanently. This is causing money to flow into precious metals. The word rupture is being thrown about. "I don't believe that's an overstatement,"?...