Venezuela, Washington In Talks To Export Venezuelan Oil To US
Government officials in Caracas and Washington are discussing exporting Venezuelan crude to refiners in the United States, five government, industry and shipping sources told Reuters on Tuesday, a deal that could divert supplies away from China while helping state company PDVSA avoid deeper output cuts.
Venezuela has millions of barrels of oil loaded on tankers and in storage tanks that it has been unable to ship due to a blockade on exports imposed by U.S. President Donald Trump since mid-December.
The blockade was part of rising U.S. pressure on the government of Venezuelan President Nicolas Maduro that culminated in U.S. forces capturing him this weekend.
A potential deal to sell the trapped crude to the U.S. could initially require reallocating cargoes originally bound for China, two sources said.
The Asian country has been Venezuela’s top buyer in the last decade and especially since the United States imposed sanctions on companies involved in oil trade with Venezuela in 2020.
The supply would increase the volume of Venezuelan oil exported to the U.S., a flow that is currently controlled entirely by Chevron (CVX.N), PDVSA’s main joint venture partner, under a U.S. authorization.
Chevron, which has been exporting between 100,000 and 150,000 barrels per day (bpd) of Venezuelan oil to the U.S., has emerged in recent weeks as the only company fluidly loading and shipping crude from the South American country amid the blockade.
PDVSA has already had to cut production due to the embargo, because it is running out of storage for the oil. If PDVSA does not find a way to export oil soon, it would have to cut production more, one of the sources said.
The White House, Venezuelan government officials and PDVSA did not immediately comment.
Venezuela’s oil ministry has said the U.S. wants to steal the country’s oil reserves and denounced Maduro’s capture as a kidnapping.
U.S. refineries on the Gulf Coast can process Venezuela’s heavy crude grades and were importing some 500,000 barrels per day (bpd) before Washington first imposed energy sanctions on Venezuela.
It was not immediately clear how sanctioned PDVSA would obtain proceeds from the oil sales.
The officials have been in talks this week about possible sale mechanisms, including auctions to allow interested U.S. buyers to participate in cargo offers, and the issuance of U.S. licenses to PDVSA’s business partners that could lead to supply contracts, two sources said.
The parties have also discussed if the Venezuelan crude can refill the U.S. Strategic Petroleum Reserve in the future, one of the sources said.
Ghana: GOIL Makes Major Reduction In Fuel Prices In Line With Affordability And National Vision
Ghana’s indigenous oil marketing company, GOIL PLC, has reduced the prices of its petroleum products with effect from Tuesday, January 6, 2026, reaffirming its commitment to providing high-quality petroleum products at prices that remain affordable to the Ghanaian public.
Under the new pricing regime, Regular Fuel (Super XP) is now selling at GH¢10.99 per litre, reflecting a reduction of GH¢1.00.
GOIL’s premium product, Super XP 95, has been reduced to GH¢13.97 per litre, down from GH¢14.95 in the previous pricing window.
Diesel XP has also recorded a reduction of 98 pesewas, now selling at GH¢11.96 per litre, compared to GH¢12.94 previously.
The price adjustments were contained in a statement issued by the company on Tuesday, January 6, 2026.
According to GOIL, the downward revision was driven by the appreciation of the Ghana cedi against major international currencies—particularly the US dollar—as well as a general decline in international prices of finished petroleum products.
Commenting on the development, the Group Chief Executive Officer and Managing Director of GOIL PLC, Mr. Edward Abambire Bawa, said the reductions go beyond market movements and reflect a deliberate corporate strategy to ensure that efficiency gains and favourable macroeconomic conditions are passed directly on to consumers.
“At GOIL, our strategy is not only to guarantee the consistent supply of high-quality petroleum products, but also to make them affordable to the average Ghanaian. This approach aligns fully with the vision of His Excellency President John Dramani Mahama, which places strong emphasis on easing the cost of living, strengthening domestic purchasing power, and ensuring that national institutions play their part in delivering tangible economic relief to citizens,” he said.
Mr. Bawa further emphasised that GOIL remains committed to operating as a nationally responsive energy company, balancing commercial sustainability with its broader responsibility to support economic stability and national development.
GOIL PLC expressed appreciation to customers and stakeholders for their continued trust and patronage, and reaffirmed its resolve to remain a reliable partner in Ghana’s energy value chain.
Egypt Looks To Qatar For Supply Of Liquefied Natural Gas
The Egyptian Natural Gas Company (EGAS) has signed an agreement with Qatar Energy for the supply of up to 24 shipments of liquefied natural gas (LNG) during the summer of 2026.
The agreement aims to strengthen cooperation in the energy sector, particularly regarding the supply of LNG from Qatar to Egypt.
The agreement was signed by H.E. Eng. Saad bin Sharida Al-Kaabi, Minister of State for Energy, Designate Member and Executive Chairman of Qatar Energy, and H.E. Mr. Karim Badawi, Minister of Petroleum and Minerals of the Arab Republic of Egypt, in a special ceremony held at the President Building of Qatar Energy in Doha.
Speaking on the occasion, H.E. Minister Al-Kaabi said: “We are pleased to enhance our fruitful cooperation in the field of energy with the Arab Republic of Egypt. This agreement builds on our successful partnerships in Egypt, particularly regarding the supply of LNG produced by Qatar.”
He added: “This MoU strengthens our bilateral relationship, enabling us to provide additional LNG supplies from Qatar to meet Egypt’s growing energy demand, support its long-term economic and industrial growth, and ensure reliable energy for the country.”
“We look forward to further cooperation with the Egyptian Ministry of Petroleum and Minerals and all our partners in Egypt, to deepen collaboration and meet Egypt’s future LNG needs,” Minister Al-Kaabi concluded.
Eni, Repsol Chase $6 Billion Debt From Venezuela
Italian oil and gas giant Eni and Spain’s Repsol, two of the largest European energy companies, are struggling to recover about $6 billion from Venezuela for the gas and naphtha they have supplied to the South American country, the Financial Times reported on Tuesday, citing sources with knowledge of the matter.
Eni and Repsol jointly own the Perla gas field offshore Venezuela. For years, the two European oil and gas majors had supplied gas and naphtha to Venezuela’s state oil firm PDVSA, to use as diluents to make the extra heavy crude easier to transport.
In exchange, PDVSA was paying to Eni and Repsol with crude.
However, the Trump Administration in March 2025 ended the licenses of all foreign firms to operate in Venezuela as the United States renewed its pressure on the country holding about 17% of the world’s proven oil reserves.
Eni and Repsol, and all others foreign firms, including oilfield services operators and U.S. supermajor Chevron, had their licenses yanked, before the Trump Administration exempted Chevron and allowed it in July to operate in Venezuela and export the crude oil to the United States.
The European majors are not authorized to return to Venezuela, yet.
Barred from receiving crude from PDVSA for nearly a year, Eni and Repsol are now looking to recoup $6 billion worth of the gas they had supplied to Venezuela.
Apart from struggling to recoup the value of the deliveries, the European firms have also faced indifference from the U.S. Administration regarding efforts to recover the debt owed, according to FT’s sources.
Meanwhile, billions of barrels of Venezuela’s oil claimed by major energy companies under current deals are now in doubt following the capture of Nicolas Maduro, according to investment bank Morgan Stanley.
China’s Sinopec and CNPC, Russia’s Roszarubezhneft, Chevron, Eni, and Repsol, among others, have about 10 billion of barrels of reserves in Venezuela under current agreements.
Ghana: NPA CEO Urges Sentuo Refinery To Maintain Operational Excellence
Ghana’s petroleum downstream regulator, the National Petroleum Authority (NPA), has commended Sentuo Oil Refinery for its contributions to the country’s downstream petroleum sector and urged the company to maintain operational excellence.
The Chief Executive Officer of the NPA, Mr. Godwin Kudzo Tameklo Esq., gave the commendation during a working visit to the refinery on Monday, January 5, 2026.
“The decision by Sentuo to establish a refinery for me is a game changer. For a long time—over 60 years—we have relied on one major refinery. The work Sentuo has done over the last six months speaks for itself. What it means for us at the NPA is how we support your activities while ensuring that our regulatory oversight is never compromised.
“As a regulator, we must first ensure that we help protect your investment. Your decision to invest in Ghana requires that we safeguard that investment, and that is very important to us,” Mr. Tameklo said.
The visit formed part of a familiarisation tour of petroleum installations across the country, aimed at strengthening regulatory engagement and supporting growth in the downstream sector.
Sentuo Oil Refinery, a billion-dollar Chinese investment in Ghana, currently supplies the local market with 53,000 tonnes of Premium Motor Spirit (PMS), popularly known as petrol; 64,000 tonnes of Automotive Gas Oil (AGO), commonly referred to as diesel; and 8,000 metric tonnes of Liquefied Petroleum Gas (LPG) on a monthly basis.
Additionally, the refinery supplies about 7,000 metric tonnes of Heavy Fuel Oil (HFO) to the market each month.
Mr. Tameklo further emphasised the importance of strict regulatory compliance, particularly in areas related to health, safety, and environmental protection.
“Protecting that investment also means we do not compromise on regulatory oversight. What is important to us is ensuring that your facility meets international standards. Issues of health, environment, and safety must be given top priority.
“You have invested heavily, and we will ensure that the investment is worthwhile. However, you must also support us as regulators by ensuring full compliance. These are matters we cannot afford to compromise,” he stated.
On his part, the Group Chairman of Sentuo Oil Refinery, Mr. Ninqguan Xu, expressed appreciation to the NPA for the visit and reaffirmed the company’s commitment to operating within Ghana’s regulatory framework.
“Sentuo Oil Refinery remains fully committed to complying with all labour laws in Ghana and adhering strictly to international health, safety, and environmental standards. We will continue to provide proper working conditions for our staff to enhance efficiency and productivity,” Mr. Xu said.
He further highlighted the company’s focus on local content and capacity building, noting that Sentuo has successfully integrated local staff into its steel operations and plans to replicate the same approach at the refinery.
“We are deliberately integrating and training local staff, including positioning them as intermediaries to address language barriers and ensure that all documentation and processes meet regulatory requirements,” he explained.
Mr. Xu also disclosed plans to partner with relevant institutions to establish a scholarship scheme aimed at training university students to acquire skills in the petroleum sector, as part of Sentuo’s long-term commitment to human capital development.
The working visit underscores the National Petroleum Authority’s commitment to overseeing a well-regulated, competitive, and sustainable downstream petroleum sector by engaging industry players, providing regulatory support, and enforcing compliance to ensure safe operations, investment protection, and long-term growth of Ghana’s petroleum industry.
The visit formed part of a familiarisation tour of petroleum installations across the country, aimed at strengthening regulatory engagement and supporting growth in the downstream sector.
Sentuo Oil Refinery, a billion-dollar Chinese investment in Ghana, currently supplies the local market with 53,000 tonnes of Premium Motor Spirit (PMS), popularly known as petrol; 64,000 tonnes of Automotive Gas Oil (AGO), commonly referred to as diesel; and 8,000 metric tonnes of Liquefied Petroleum Gas (LPG) on a monthly basis.
Additionally, the refinery supplies about 7,000 metric tonnes of Heavy Fuel Oil (HFO) to the market each month.
Mr. Tameklo further emphasised the importance of strict regulatory compliance, particularly in areas related to health, safety, and environmental protection.
“Protecting that investment also means we do not compromise on regulatory oversight. What is important to us is ensuring that your facility meets international standards. Issues of health, environment, and safety must be given top priority.
“You have invested heavily, and we will ensure that the investment is worthwhile. However, you must also support us as regulators by ensuring full compliance. These are matters we cannot afford to compromise,” he stated.
On his part, the Group Chairman of Sentuo Oil Refinery, Mr. Ninqguan Xu, expressed appreciation to the NPA for the visit and reaffirmed the company’s commitment to operating within Ghana’s regulatory framework.
“Sentuo Oil Refinery remains fully committed to complying with all labour laws in Ghana and adhering strictly to international health, safety, and environmental standards. We will continue to provide proper working conditions for our staff to enhance efficiency and productivity,” Mr. Xu said.
He further highlighted the company’s focus on local content and capacity building, noting that Sentuo has successfully integrated local staff into its steel operations and plans to replicate the same approach at the refinery.
“We are deliberately integrating and training local staff, including positioning them as intermediaries to address language barriers and ensure that all documentation and processes meet regulatory requirements,” he explained.
Mr. Xu also disclosed plans to partner with relevant institutions to establish a scholarship scheme aimed at training university students to acquire skills in the petroleum sector, as part of Sentuo’s long-term commitment to human capital development.
The working visit underscores the National Petroleum Authority’s commitment to overseeing a well-regulated, competitive, and sustainable downstream petroleum sector by engaging industry players, providing regulatory support, and enforcing compliance to ensure safe operations, investment protection, and long-term growth of Ghana’s petroleum industry. Nigeria: KEDCO Promotes 1,500 Staff To Boost Performance in 2026 And Beyond
Kano Electricity Distribution Company (KEDCO), one of Nigeria’s power distribution companies, has approved the merit-based promotion of 1,500 staff as part of its ongoing commitment to staff welfare, motivation, and the development of a performance-driven workforce.
A statement issued by the company’s spokesperson, Sani Bala Sani, described the promotion exercise as significant in KEDCO’s history, underscoring the company’s renewed commitment to human capital development as a critical pillar of its transformation agenda under its core investor, Future Energies Africa (FEA), and current management.
The exercise followed a comprehensive performance appraisal process and aligns with best practices in corporate governance, fairness, and transparency.
It was designed to recognise deserving staff who met the eligibility criteria in line with the company’s conditions of service and demonstrated dedication, competence, and resilience in supporting KEDCO’s operational turnaround and improved service delivery.
Speaking on the development, KEDCO’s Managing Director and Chief Executive Officer, Dr. Abubakar Shuaibu Jimeta, described the move as a strategic investment in people, noting that workers remain the company’s greatest asset.
“This promotion exercise is not just a reward for hard work; it is a statement of intent. At KEDCO, we are building a culture where performance is recognised, excellence is encouraged, and our people are empowered to deliver value to our customers and stakeholders,” the MD/CEO said.
The development forms part of broader workforce reforms aimed at boosting productivity, enhancing customer experience, and positioning KEDCO to meet the evolving demands of the power sector.
It also reflects the company’s resolve to foster industrial harmony and sustain a motivated workforce capable of driving operational efficiency.
KEDCO reaffirmed its commitment to continuous staff development, capacity building, and improved welfare, stressing that a motivated workforce remains central to achieving reliable, efficient, and customer-focused electricity distribution across its franchise area.
Nigeria: Tinubu Seeks Senate Confirmation Of 21 Nominees For NMDPRA, NUPRC Boards
Nigeria’s President, Bola Tinubu, has written to the Senate seeking confirmation of 21 nominees for the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the President’s spokesperson, Bayo Onanuga, Senator Magnus Abe has been nominated as Chairman of the NUPRC Board.
Abe, who represented the Rivers South-East Senatorial District for two terms, is a former board member of the Nigerian National Petroleum Corporation and currently chairs the National Agency for the Great Green Wall.
Other nominees for the NUPRC Board as non-executive commissioners are Mr. Paul Jezhi, a former Chairman of the Trade Union Congress in Kaduna State, and Mr. Sunday Babalola, a former Deputy Director of the defunct Department of Petroleum Resources.
The President also nominated executive commissioners to the board. They include Muhammed Lamido (Finance); Mr. Edu Inyang (Exploration and Acreage); Mr. Justin Ezeala (Economic Regulation and Strategic Planning); and Mr. Henry Oki (Development and Production).
Others are Mr. Indabawa Alka (Corporate Services and Administration); Mr. Mahmood Tijani (Health, Safety and Environment); and Ms. Olayemi Adeboyejo as Secretary/Legal Adviser.
Lamido and Adeboyejo were appointed in 2022 by former President Muhammadu Buhari, while Alka was appointed by President Tinubu in 2023. Inyang, Ezeala, Tijani, Babalola, and Jezhi are new nominees.
President Tinubu also nominated Mr. Adegbite Adeniji, a lawyer, as Chairman of the NMDPRA Board.
Adeniji has over 30 years of experience in energy and natural resources and previously served as Special Technical Adviser to the Minister of State for Petroleum on upstream and gas matters. He is currently the Managing Partner at ENR Advisory.
Also nominated as non-executive members are Chief Kenneth Kobani, a former Minister of State for Trade and former Secretary to the Rivers State Government, and Mrs. Asabe Ahmed.
Other nominees for the NMDPRA Board include Mr. Abiodun Adeniji (Executive Director, Finance); Mr. Francis Ogaree (Executive Director, Hydrocarbon); Mr. Oluwole Adama (Executive Director, Midstream and Downstream Gas Infrastructure); and Dr. Mustapha Lamorde (Executive Director, Corporate Services and Administration).
Adama was appointed in 2024, while Adeniji and Lamorde were appointed in 2021 and Ogaree in 2022 by the late President Muhammadu Buhari.
Additional nominees are Mr. Yahaya Yinusa (Executive Director, Distribution Systems); Mr. Adeyemi Aminu (Executive Director, Corporate Services); Ms. Modie Ogechukwu (Executive Director, Economic Regulation and Strategic Planning); and Mr. Olawale Dawodu as Board Secretary/Legal Adviser.
President Tinubu urged the Senate to consider and approve the nominees expeditiously.
The request follows the recent confirmation by the Senate of Mr. Oritsemeyiwa Eyesan as Chief Executive Officer of the NUPRC and Mr. Saidu Mohammed as Chief Executive Officer of the NMDPRA.
President Tinubu charged all nominees to discharge their duties professionally in regulating Nigeria’s oil and gas sector.
Ghana: ZEN Petroleum Ltd. Appoints Frank Adu As Board Chairman
ZEN Petroleum Ltd., one of Ghana’s leading indigenous oil marketing companies (OMCs), has appointed Mr. Frank Adu, a former Managing Director of CAL Bank PLC, as Chairman of its Board of Directors, effective January 1, 2026.
Mr. Adu brings to the ZEN Petroleum Board decades of distinguished executive and board-level leadership experience, particularly within the financial services sector, where he is widely respected for his strategic insight, disciplined governance approach, and people-centred leadership style.
He served as Managing Director of CAL Bank PLC for 20 years, leading the bank through a period of significant transformation, sustained growth, and institutional resilience.
Mr. Adu currently serves as Chairman of the National Investment Bank and has held leadership and board roles across several corporate and not-for-profit organisations, including Legacy Bonds Limited, Quality Insurance Company Limited, University of Ghana Enterprises Limited, the FOCOS Foundation, and the Ghana Stock Exchange.
Through these roles, he has contributed deep expertise in corporate governance, strategy, risk management, and leadership development.
He is also actively engaged in education and civic initiatives. Mr. Adu is Chairman and Co-Founder of the Roman Ridge School and was recently appointed the first Chancellor of the African University of Communications and Business.
His community and sporting leadership includes serving as President of the Achimota Golf Club, as well as former Captain and President of the Accra Polo Club.
Mr. Adu holds a Bachelor of Arts (Hons) degree in Geography and an MBA in Finance. He was awarded an Honorary Doctorate by the University of Ghana in 2013.
He is an Honorary Fellow of the Chartered Institute of Bankers and an alumnus of the Oxford Strategic Leadership Programme at Saïd Business School, University of Oxford.
He succeeds Mr. Tutu Agyare, who concludes his tenure after nine (9) years of distinguished service as Board Chairman.
Under Mr. Agyare’s leadership, ZEN Petroleum recorded significant growth, strengthened its governance framework, and deepened its commitment to safety, people development, and community impact.
The Board and Management expressed their profound appreciation for his steady leadership and invaluable contribution to the company’s journey.
Commenting on the appointment, Managing Director of ZEN Petroleum, Mr. William Tewiah, said:“Frank’s extensive experience, proven leadership, and governance expertise align strongly with ZEN Petroleum’s values and long-term vision. His appointment ensures continuity while positioning the company for its next phase of growth.”
As Board Chairman, Mr. Adu will work closely with the Board and Management to advance ZEN Petroleum’s strategic objectives, reinforce robust governance practices, and support the company’s focus on operational excellence, safety leadership, and sustainable value creation across its retail, mining, and fuel infrastructure businesses.
Ghana: Tema Oil Refinery Procures New Vehicle Fleet To Boost Operational Efficiency
Ghana’s premier refinery, the Tema Oil Refinery (TOR), has procured a brand-new fleet of vehicles to significantly enhance operational efficiency following the recent restart of crude oil refining at an initial capacity of 28,000 barrels per stream day—a development that has renewed hope among petroleum consumers in the West African nation.
The fleet comprises eight brand-new Mitsubishi vehicles, three Toyota Coaster buses, two industrial forklifts, and several other essential operational vehicles to support the refinery’s day-to-day activities.
This portal understands that the last time the refinery procured such a substantial transport fleet was around 2013, and the prolonged absence of adequate logistics had adversely affected productivity and slowed overall operations.
Management believes the procurement of the new fleet is a timely intervention, as the company has for a long time been confronted with severe logistical constraints.
According to management, all the vehicles were procured using internally generated funds (IGF) from the company’s operations in 2025 under the current leadership.
The new fleet was officially commissioned by the Board Chairman of TOR, Hon. Nayon Bilijo, who authorised its immediate deployment for official and operational use.
Management expressed gratitude to the President of the Republic, H.E. John Dramani Mahama, and the Minister for Energy and Green Transition, Hon. John Jinapor, for their steadfast support, strategic direction and unwavering commitment to the refinery.
“Management deeply acknowledges your guidance, leadership and resolute agenda aimed at ensuring the sustainable success and revitalisation of the refinery,” a statement issued by TOR said.
Management further commended the entire workforce for their resilience, dedication and unwavering support from the initial restart of operations to the present.
Management expressed gratitude to the President of the Republic, H.E. John Dramani Mahama, and the Minister for Energy and Green Transition, Hon. John Jinapor, for their steadfast support, strategic direction and unwavering commitment to the refinery.
“Management deeply acknowledges your guidance, leadership and resolute agenda aimed at ensuring the sustainable success and revitalisation of the refinery,” a statement issued by TOR said.
Management further commended the entire workforce for their resilience, dedication and unwavering support from the initial restart of operations to the present. Nigeria: Expect Reliable Power Supply In 2026 – Minister Assures
Nigeria’s Minister of Power, Adebayo Adelabu, has assured Nigerians of a reliable, accessible and sustainable electricity supply across the country in 2026.
“Looking ahead, our focus remains unshakable: to deliver reliable, accessible and sustainable electricity to power our homes, industries and dreams,” Mr. Adelabu said in a New Year message to Nigerians and the people of Oyo State, according to a statement issued by his Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji.
The minister said the path forward would be driven by continuity and renewed vigour, with efforts focused on enhancing grid stability and expanding transmission infrastructure.
Mr. Adelabu said collaboration with electricity distribution companies would be intensified to improve service delivery and ensure that metering initiatives reach every community.
“Our Light Up Nigeria initiative remains a priority, focusing on industrial clusters and agricultural hubs to stimulate economic growth and job creation,” he said.
The minister added that renewable energy development would also be prioritised, with solar and hydropower projects deployed to serve underserved communities.
He described 2025 as a year of focused groundwork and deliberate progress in the power sector, despite prevailing challenges.
According to him, notable progress was made in strengthening the national grid and improving overall system stability during the year.
Mr. Adelabu said the Presidential Power Initiative (PPI), also known as the Siemens deal, had helped curb the frequent grid collapses experienced in previous years.
“As Phase One of the PPI continues, we assure Nigerians of a strengthened grid that will make disturbances a thing of the past,” he said.
The minister thanked Nigerians for their resilience, noting that their support remains critical to building a robust energy future.
“The journey ahead requires a united front,” Mr. Adelabu said, calling on governments, communities, the private sector and citizens to partner in ongoing reforms.
Nigeria has struggled to provide reliable electricity to homes and industries, forcing many businesses to abandon the national grid and resort to self-generation.
Trump Says US Oil Firms To Enter Venezuela After Maduro’s Abduction
United States President Donald Trump said on Saturday that the US would temporarily administer oil-rich Venezuela until a leadership transition takes place.
The president made the statement at a news conference following the widely condemned military operation in Venezuela and the abduction of the country’s leader, Nicolás Maduro, during a raid on Friday night.
Trump, who had previously banned American oil and gas firms from investing in Venezuela, now says US oil companies would enter the country, boasting that “no nation in the world could achieve what America achieved” on Saturday.
Venezuela sits on an estimated 303 billion barrels of crude oil — about one-fifth of the world’s proven reserves — according to the US Energy Information Administration (EIA). The type of oil Venezuela possesses — heavy, sour crude — requires specialized equipment and a high level of technical expertise to process.
The United States, the world’s largest oil producer, primarily produces light, sweet crude, which is ideal for gasoline production but less suitable for other refined products.
Heavy, sour crude, such as Venezuela’s, is critical for producing diesel, asphalt and fuels used in factories and other heavy equipment.
Although Venezuela holds the world’s largest proven oil reserves, its output remains low. The country currently produces about one million barrels of oil per day — roughly 0.8% of global crude production.
International sanctions on the Venezuelan government and a deep economic crisis have contributed to the decline of the country’s oil industry, but a lack of investment and maintenance has also played a significant role, according to the EIA.
U.S. Attack On Venezuela: Is President Maduro’s Arrest About Oil Control?
The United States on Saturday launched a large-scale air strike on Caracas, the capital of Venezuela, after its military reportedly captured President Nicolás Maduro and his wife and took them to an undisclosed location.
U.S. President Donald Trump confirmed the operation on Saturday, describing the mission as a “successful large-scale strike against Venezuela.”
He added that the operation was conducted “in conjunction with U.S. law enforcement.”
“The United States of America has successfully carried out a large-scale strike against Venezuela and its leader, President Nicolás Maduro, who has been, along with his wife, captured and flown out of the country. This operation was done in conjunction with U.S. law enforcement,” President Trump wrote on social media following the operation.
The United States and Venezuela have had a long-standing, fraught relationship shaped by disputes over oil, politics, sanctions and security concerns.
Venezuela holds the world’s largest proven oil reserves, estimated at 303 billion barrels (Bbbl) as of 2023.
Saudi Arabia ranks second with 267.2 Bbbl, followed by Iran at 208.6 Bbbl and Canada at 163.6 Bbbl. Together, these four countries account for more than half of global oil reserves.
By comparison, the United States holds about 55 Bbbl, placing it ninth globally. Venezuela’s reserves are therefore more than five times larger than those of the U.S.
Analysts view the U.S. attack and the reported capture of President Maduro as part of Washington’s broader plan to take control of Venezuela’s oil resources.
U.S. Attorney General Pam Bondi said Maduro has been indicted in New York on drug trafficking and weapons charges and will “face the full wrath of American justice on American soil in American courts.”
U.S. Secretary of State Marco Rubio anticipates no further action against Venezuela, according to a Republican senator.
Venezuela has declared a national emergency, denouncing what it described as “extremely serious military aggression.”
Venezuelan Vice President Delcy Rodríguez said the government is unaware of the whereabouts of President Maduro and First Lady Cilia Flores, adding that the U.S. attack has resulted in the deaths of government officials, military personnel and civilians across the country.
Several explosions were reported in Caracas, with parts of the city experiencing power outages. The first blast was recorded at approximately 1:50 a.m. local time on Saturday (12:50 a.m. ET).
The U.S. operation appears to have been carried out with “impressive speed,” likely involving special operations forces, according to a munitions and intelligence specialist.
N.R. Jenzen-Jones, director of research firm Armament Research Services, told CNN that the operation “appears at first blush to have been carried out with impressive speed and precision.”
“The mix of visible aircraft, the known presence of certain U.S. vessels, and the nature and volume of the reported strikes in imagery circulating online immediately suggested that a raid using special operations forces (SOF) was underway,” he said.
“In addition to at least a dozen helicopters, the operation would have been supported by a robust air package comprising both fixed-wing and rotary-wing assets, including specialist aircraft,” Jenzen-Jones added.
He noted that while the operation would have required extensive planning, the “number and nature” of reported strikes suggest a limited target set.
Venezuela maintains “robust air defence systems and locally distributed military, paramilitary and law enforcement forces” in Caracas, which should have made such a raid difficult, Jenzen-Jones said.
“In practice, corruption, poor training, lack of maintenance and other factors significantly reduce this threat,” he added.
By comparison, the United States holds about 55 Bbbl, placing it ninth globally. Venezuela’s reserves are therefore more than five times larger than those of the U.S.
Analysts view the U.S. attack and the reported capture of President Maduro as part of Washington’s broader plan to take control of Venezuela’s oil resources.
U.S. Attorney General Pam Bondi said Maduro has been indicted in New York on drug trafficking and weapons charges and will “face the full wrath of American justice on American soil in American courts.”
U.S. Secretary of State Marco Rubio anticipates no further action against Venezuela, according to a Republican senator.
Venezuela has declared a national emergency, denouncing what it described as “extremely serious military aggression.”
Venezuelan Vice President Delcy Rodríguez said the government is unaware of the whereabouts of President Maduro and First Lady Cilia Flores, adding that the U.S. attack has resulted in the deaths of government officials, military personnel and civilians across the country.
Several explosions were reported in Caracas, with parts of the city experiencing power outages. The first blast was recorded at approximately 1:50 a.m. local time on Saturday (12:50 a.m. ET).
The U.S. operation appears to have been carried out with “impressive speed,” likely involving special operations forces, according to a munitions and intelligence specialist.
N.R. Jenzen-Jones, director of research firm Armament Research Services, told CNN that the operation “appears at first blush to have been carried out with impressive speed and precision.”
“The mix of visible aircraft, the known presence of certain U.S. vessels, and the nature and volume of the reported strikes in imagery circulating online immediately suggested that a raid using special operations forces (SOF) was underway,” he said.
“In addition to at least a dozen helicopters, the operation would have been supported by a robust air package comprising both fixed-wing and rotary-wing assets, including specialist aircraft,” Jenzen-Jones added.
He noted that while the operation would have required extensive planning, the “number and nature” of reported strikes suggest a limited target set.
Venezuela maintains “robust air defence systems and locally distributed military, paramilitary and law enforcement forces” in Caracas, which should have made such a raid difficult, Jenzen-Jones said.
“In practice, corruption, poor training, lack of maintenance and other factors significantly reduce this threat,” he added.
South Africa: Power Supply Stable For More Than Seven Months – Eskom
South Africa’s power supply has remained stable for more than seven months, with minimal load shedding recorded during the current financial year, state-owned power utility Eskom has said.
In a statement issued on Friday, Eskom said the country has experienced 231 consecutive days without prolonged load shedding, marking one of the longest periods of sustained electricity supply stability in recent years.
The utility reported that only 26 hours of load shedding were recorded during April and May, which it attributed to short-term generation constraints.
Eskom said it plans to bring 5,585 megawatts (MW) of generation capacity online ahead of the evening peak on Monday, January 5, 2026, as part of ongoing measures to maintain grid stability.
According to the utility, the improved performance reflects progress made under its Generation Recovery Plan, including enhanced planned maintenance, improved energy availability factors, and stricter operational discipline across its power stations.
Eskom noted that unplanned outages had declined compared to previous years, allowing the power system operator to manage demand more effectively, even during periods of higher electricity consumption.
Eskom added that it remains focused on ensuring adequate capacity to meet demand, particularly during peak periods.
Despite the progress, the utility cautioned that the power system remains vulnerable and urged continued support for energy-saving measures to help maintain stability.
Eskom noted that although the system remains stable and generation capacity continues to exceed demand, festive-season weather conditions led to a sharp rise in faults across its distribution network.
Reported incidents increased by about 40 percent compared with the same period last year.
While electricity supply has been restored in most affected areas, some communities remain without power due to severely damaged infrastructure.
Eskom said its teams have been working throughout the period and continue efforts to restore supply safely and as quickly as possible.
As a temporary measure, the utility said it is maintaining load reduction in high-risk areas to protect communities and the electricity network.
The power company also raised concerns about illegal connections and meter tampering, warning that the practices continue to damage infrastructure and pose serious safety risks.
Orsted Challenges U.S. Decision To Halt Its $5 Billion Offshore Wind Project
Denmark-based energy firm Ørsted has indicated it will challenge the U.S. government’s decision to suspend the lease for its Revolution Wind joint venture and is seeking a court injunction to overturn the move to halt the $5 billion offshore wind project, according to a Reuters report.
The Trump administration on December 22 suspended leases for five large offshore wind projects under construction off the U.S. East Coast, citing national security concerns.
The announcement sent shares of offshore wind developers sharply lower.
The suspension marked the latest setback for offshore wind developers, who have faced repeated disruptions to multi-billion-dollar projects under U.S. President Donald Trump.
Trump has previously criticised wind turbines as unattractive, costly and inefficient.
Ørsted said in a statement on Friday that the Revolution Wind project was about 87 percent complete and, prior to the lease suspension, was expected to begin generating power as early as January 2026.
“Revolution Wind has spent and committed billions of dollars in reliance upon, and has met the requirements of, a thorough regulatory review process,” Ørsted said.
Revolution Wind LLC, a 50-50 joint venture between Ørsted and Global Infrastructure Partners’ Skyborn Renewables, has filed a complaint with the U.S. District Court for the District of Columbia.
Ørsted and Skyborn Renewables said in September that they had already spent or committed approximately $5 billion on the project.
Ørsted’s share price fell 13 percent on Monday following the U.S. government’s announcement.
Squeezed by inflation, higher interest rates, supply-chain disruptions and regulatory headwinds, Ørsted last year raised 60 billion Danish crowns ($9.4 billion) through a heavily discounted share issue to strengthen its balance sheet.
State officials, Democratic lawmakers and industry trade groups have criticised the government’s decision as unjustified.
The U.S. Department of the Interior said the suspension followed complaints from the Pentagon, which argued that the movement of large turbine blades and the highly reflective turbine towers could interfere with radar systems used to detect and track security threats.
Sunrise Wind LLC, a wholly owned subsidiary of Ørsted that also received a lease suspension order, said it continues to evaluate all options to resolve the matter.