Overview
- Energy Secretary Chris Wright said the U.S. will control sales of Venezuelan crude and has begun marketing stored barrels under government oversight, while PDVSA confirmed talks on a Chevron-style framework.
- President Donald Trump said Venezuela would turn over 30–50 million barrels worth more than $2 billion, with a person familiar saying proceeds would be held in U.S. Treasury accounts.
- U.S. authorities seized Venezuela-linked tankers in the Atlantic, including a Russian-flagged ship, underscoring stepped-up enforcement that has increased regional geopolitical risk.
- Oil recovered after a larger-than-expected 3.8 million-barrel U.S. crude draw and index-related buying, yet major forecasts point to a growing 2026 surplus that continues to cap rallies.
- Analysts expect more Venezuelan barrels to head to the United States at the expense of China, prompting potential shifts toward Iranian crude in Asia and widening discounts for heavy sour grades in North America.