Trump says Venezuela’s interim authorities will transfer 30–50 million barrels of sanctioned crude to the U.S., to be sold at market price with proceeds controlled by his administration — a move tied to the recent U.S. operation that captured Nicolás Maduro and framed as benefiting both countries.
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India has bought ~€144bn of Russian crude since Feb 2022, becoming Russia’s second-largest buyer after China, CREA says. Total Russian fossil fuel export revenues now near €1tn—continuing to bankroll Moscow’s war effort in Ukraine.
Brent crude futures fell by 0.5 percent, or 28 cents, to $61.48 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined by 0.6 percent, or 32 cents, to $58.00 per barrel.
India’s Reliance Industries, once the top buyer of Russian crude, says it expects ZERO Russian oil deliveries in January & none received in past 3 weeks—signaling a sharp drop in India’s imports amid tougher Western sanctions & push for US trade deal.
The United States could raise tariffs on India if New Delhi does not meet Washington’s demand to curb purchases of Russian oil, U.S. President Donald Trump said on Sunday, escalating pressure on the South Asian country as trade talks remain inconclusive.
Brent crude oil futures fell by 23 cents, or 0.4%, to $60.52 a barrel, while U.S. West Texas Intermediate (WTI) crude declined by 21 cents, or 0.4%, to $57.11 a barrel.
Venezuela’s state-owned oil company PDVSA has asked several joint ventures to reduce crude oil output as exports remain paralyzed and storage fills up, adding stress to an already fragile oil sector and deepening pressure on the interim government.
Trump said after Maduro’s removal that major U.S. oil companies are ready to invest billions to revive Venezuela’s battered oil sector, though analysts warn restoring production will require massive, long-term investment despite the country’s vast reserves.
Venezuela’s state oil producer PDVSA says production and refining continue normally, with no damage reported after a U.S. military strike that captured President Nicolás Maduro, sources told Reuters.
India has ordered refiners to report weekly oil purchases from Russia and the U.S. as it expects Russian imports to drop below 1 mbpd while negotiating a trade deal with Washington to ease 50% U.S. tariffs over its continued buying of discounted Russian crude.
Brent crude futures fell $0.04 (a small percentage decrease) to $60.81 per barrel. US West Texas Intermediate (WTI) futures fell $0.03 to $57.39.
Turkey’s Energy Minister Alparslan Bayraktar announced on Wednesday that the country will deploy the Cagri Bey drilling vessel to Somali waters in February, marking Turkey’s inaugural deepwater exploration project abroad.
The financial director of the National Iranian Oil Company denied reports that $8 billion in revenue from crude oil and gas condensate exports has not been collected, saying there are currently no stalled receivables.
US crude oil imports dropped to 4.95M bpd last week—lowest in nearly 5 years—due to ad valorem taxes on year-end stocks. Mexico imports hit record low of 71K bpd amid Pemex production struggles. Inventories fell on strong refining.
The US Treasury has sanctioned four companies and four oil tankers linked to Venezuela’s “shadow fleet” as Trump ramps up pressure on Maduro. Exports have already halved due to a blockade—aimed at stopping oil profits funding alleged drug trafficking.
Iran’s petroleum minister said the petrochemical sector is a key economic driver, arguing that stable feedstock supply depends on petrochemical firms investing directly in gas field development—an approach welcomed and legally supported.
Brent crude oil futures fell by $0.20 to $61.13 a barrel, while U.S. West Texas Intermediate (WTI) futures also declined by $0.20 to $57.75 a barrel.
Saudi Aramco is set to take a 20% stake in BPCL’s $11bn greenfield refinery–petrochemical complex at Ramayapatnam port, as India’s state refiner dilutes 30–40% of the project to strategic investors to meet rising fuel and petrochemical demand.
Despite a U.S. blockade and a sharp fall in exports, at least two oil tankers have reached Venezuela in recent days, underscoring PDVSA’s push to build floating storage and keep crude flowing—mainly to China to repay debt.
Behzad Shamsi, chief financial officer of the National Iranian Oil Company (NIOC), said global oil prices have dropped about 21% in recent months compared with previous periods—a significant decline. However, the oil ministry has partly offset the drop by boosting export volumes and reducing discounts.
