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US captures Maduro after strikes in Venezuela: Update

  • Spanish Market: Crude oil
  • 03/01/26

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President Donald Trump said a large-scale US military strike on Venezuela has led to the capture of the country's president Nicolas Maduro and his wife, escalating weeks of tension with the South American oil producer.

The surprise military strike, involving helicopter and missile attacks in Caracas and other regions, was conducted "in conjunction with US law enforcement", Trump wrote Saturday on the social media platform Truth Social. Maduro and his wife will face criminal charges in the US for "narco-terrorism conspiracy" and other offences, US attorney general Pam Bondi said. The purpose of the attack was to execute an arrest warrant against Maduro, according to a lawmaker briefed by US secretary of state Marco Rubio.

"[Rubio] anticipates no further action in Venezuela now that Maduro is in US custody," US senator Mike Lee (R-Utah) wrote in a post on X.

Venezuelan defence minister Vladimir Padrino denounced the strike as "vile and cowardly" and pledged to deploy all of the country's defence capabilities. Padrino called on the international community to condemn the US for its "flagrant violation" of the UN Charter and international law. Venezuela was still compiling information on casualties, he said.

The attacks prompted condemnation from leaders across South America. Brazilian president Luiz Inacio Lula da Silva said the strike crossed an "unacceptable line" and called on the international community to respond "vigorously" through the UN. Colombian president Gustavo Petro said his country "rejects the aggression" and called for the UN Security Council to convene. EU foreign affairs commissioner Kaja Kallas called for "restraint" after speaking to Rubio. "The EU has repeatedly stated that Mr Maduro lacks legitimacy and has defended a peaceful transition. Under all circumstances, the principles of international law and the UN Charter must be respected," Kallas wrote on X.

Trump said he will hold a news conference at 11am ET.

The strike comes as Venezuela — a member of the Opec+ producer group — faces growing uncertainty over its oil exports. The country exported about 700,000 b/d of crude in November, including 140,000 b/d to the US and 130,000 b/d to China, according to oil analytics firm Kpler.

Any sustained disruption to Venezuelan oil exports would primarily affect the global heavy-sour crude market. Opec+'s core group of eight producers is scheduled to meet on Sunday to review supply policy, with delegates earlier this week saying they still expect first-quarter output to remain unchanged. Argus has reached out to Opec+ delegates for comment.

In recent weeks, Maduro had publicly called for dialogue with Trump "whenever and wherever," while offering expanded access to Venezuelan oil for US companies. Chevron operates in Venezuela with state-owned PdV under a waiver from US sanctions. It imported about 120,000 b/d of crude from Venezuela to the US in December, based on data from Kpler ship tracking. That has fallen from about 200,000 b/d Chevron was importing early in 2025 before its previous waiver expired in May, later replaced with a modified waiver.

The company said today it remains focused on the safety and wellbeing of its employees, as well as the integrity of its assets. "We continue to operate in full compliance with all relevant laws and regulations."

Sour relations

Relations between the US and Venezuela have sharply deteriorated since early September, when Washington deployed naval vessels, marines and aircraft to the Caribbean under what it described as counter-narcotics operations. The campaign escalated as the US Navy reported destroying 25 boats allegedly carrying drugs and killing around 100 crew members.

The scope of the operation widened after the US Coast Guard seized a Venezuelan tanker on 10 December carrying crude bound for Cuba. Trump declared a blockade on 16 December targeting Venezuelan tankers under US sanctions and demanded the return of what he described as "oil, land and other assets" expropriated by Caracas. A second tanker was detained on 20 December, and Trump later suggested the seized crude could be auctioned or added to the Strategic Petroleum Reserve. Last month, he warned that the campaign would "only get bigger".

Caracas responded by ordering naval escorts for its tankers, while Washington said its vessels were operating in international waters. Venezuelan officials accused the US of "piracy" and "extrajudicial executions" and sought diplomatic backing from Russia. Venezuelan foreign minister Yvan Gil said his Russian counterpart Sergey Lavrov had expressed "full co-operation and support" for Caracas.

Maduro has led Venezuela since 2013, following the death of his predecessor and political mentor Hugo Chavez. He previously served as foreign minister and executive vice-president under Chavez. Maduro was declared re-elected in 2024 despite reports that opposition candidate Edmundo Gonzalez won by a wide margin.


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