Overview
- U.S. crude inventories fell by 3.8 million barrels in the week ended Jan. 2, surprising analysts and helping WTI recover toward $57 while Brent hovered near $60.
- Energy Secretary Chris Wright said Washington plans to control Venezuelan oil sales and initially offer stored crude, and the Energy Department said some barrels are already being marketed.
- President Donald Trump said Venezuela will turn over 30 million to 50 million barrels to the United States, with proceeds from sales to be held in U.S. Treasury accounts according to a person familiar.
- PDVSA said it is negotiating sales under a Chevron-style framework as Citgo weighs resuming purchases and trading houses including Trafigura and, per Reuters, Vitol explore involvement; Chevron is in talks to extend its license.
- U.S. forces seized Venezuela-linked tankers, including a Russian-flagged vessel boarded in the North Atlantic, and analysts expect a trade-flow reallocation toward the U.S. rather than a near-term output jump given 2026 oversupply forecasts.