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Venezuelan leader's words remain defiant

  • Spanish Market: Crude oil
  • 07/01/26

Venezuela's interim president Delcy Rodriguez continued to rail against the US' capture of president Nicolas Maduro in a televised speech Tuesday, defying threats from US president Donald Trump by saying "only God can decide my fate".

The US attack over the weekend was an "unprecedented aggression in the history of South America" Rodriguez said, as she vowed to remain in her post for the remainder of 2026. The US incursion "had an illegal outcome, violating and breaking international law, such as the kidnapping of our president Nicolás Maduro and the first combatant and first lady Cilia Flores."

Trump threatened Rodriguez with a "fate worse than Maduro's" over the weekend if she did not comply with US wishes. Those appear to include letting US companies in to increase production.

"We have grown stronger and more spiritually resilient to face challenges, aggression, and threats," she said while surrounded by part of her cabinet. "Personally, those who threaten me, my fate is decided by God alone."

Rodriquez' speech did not include the more conciliatory language she had in a 4 January address where she extended an invitation to the US to work cooperatively with the Venezuelan government toward redeveloping the battered country.

Rodriguez is expected to combine publicly defiant statements with private assurances to the Trump administration, former US envoy in Caracas, James Story said on Tuesday.

But Story, who was speaking at the Atlantic Council think tank in Washington, added, "at some point there will come a time where we ask Delcy Rodriguez to do something - maybe it's ‘don't send oil to Cuba', maybe it's ‘kick the Chinese out of their oil fields, or the Russians.'"

Rodriguez will then find herself in a position of having to satisfy hardline US demands without resistance from hardline members of the Venezuelan government.

"There's a question mark about the (US) strategic play, and certainly leaving somebody like (interior minister) Diosdado Cabello loose on the ground is going to create a complication," Story said.

By Carlos Camacho and Haik Gugarats

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07/01/26

Canadian crude prices drop with Ven oil sale plan

Canadian crude prices drop with Ven oil sale plan

Houston, 7 January (Argus) — Canadian crude prices have fallen further against the February CMA Nymex, especially in US markets, as Venezuelan heavy sour crude moving under US control is poised to add to already ample near-term heavy sour supplies. Western Canadian Select (WCS) in the Houston and Cushing markets saw deep drops of $2.50-$3.50/bl earlier today from the prior session relative to the basis, followed by narrower discounts that were still at the widest since July 2024. This follows news that US president Donald Trump's administration is planning to taking over oil sales from Venezuelan state-owned oil company PdV "indefinitely". The US plans to partially lifts sanctions on the Venezuelan oil sector, but deposit sales proceeds in US-controlled bank accounts, the US Department of Energy (DOE) said. Initially, the US will take possession of an estimated 30mn-60mn bl of crude held in floating storage or onshore Venezuelan storage. Heavy sour Canadian Cold Lake at the Texas Gulf coast traded at $7.50-$9.60/bl discounts to the basis earlier in the day Wednesday after moving to a $6.60/bl volume-weighted average discount on Tuesday. In US markets, Cold Lake and Canadian heavy benchmark WCS trade at parity. In Cushing, the low-TAN heavy sour has traded at $8.50-$10/bl discounts to CMA Nymex. In Hardisty, Alberta, WCS was heard Wednesday widening its discount by 35¢/bl from the prior session to $14.35/bl. Discounts for all three locations were already $1.20-$1.85/bl wider than a month earlier as values face pressure because of rising heavy sour supply and slower export demand . The US refinery turnaround season in the first quarter further undermines buying interest. Recent developments suggest more Venezuelan heavy crude could flow to the US Gulf coast refinery region, which hosts complex refineries with many built originally to run heavy Latin American crude. But the development of Canadian heavy oils sands has led to high imports from the US' northern neighbor, with which increased Venezuelan oil flows would compete Earlier this week, Phillips 66 said it could process about 200,000 b/d of Venezuelan crude at its two large Gulf coast refineries if available and supported by price economics. Venezuela's crude output was 934,000 b/d in November, according to an average of Opec secondary sources including Argus. Increasing Venezuelan production significantly would likely take many years given long-term underinvestment and neglect. But in the short-term flows could be redirected from Chinese independent refiners to other markets with the partial lifting of US oil sanctions. By Amanda Smith and Mykah Briscoe Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mexico denies boosting oil shipments to Cuba

07/01/26
07/01/26

Mexico denies boosting oil shipments to Cuba

Mexico City, 7 January (Argus) — Mexican president Claudia Sheinbaum said on Wednesday that the country has not increased oil shipments to Cuba, even as Mexico has become a key supplier following recent disruptions in Venezuela. "We are not sending more oil than we have sent historically," Sheinbaum said during her daily morning press conference. "Of course, with the current situation in Venezuela, Mexico has obviously become an important supplier. Before, this was Venezuela." Sheinbaum was responding to reporters' questions about whether Mexico had become Cuba's main source of crude since the US tightened sanctions on Venezuelan exports in mid-December and detained Venezuelan president Nicolas Maduro on 3 January. Mexico has supplied crude to Cuba for decades under commercial agreements and humanitarian aid programs, Sheinbaum said. Current deliveries remain within those frameworks. "It is part of the contract and also part of the aid that has been provided historically," she said. The president highlighted Mexico's longstanding energy ties with Cuba, including a $350mn investment in the Cienfuegos refinery in 1994 and technical cooperation agreements signed by state-owned Pemex in 2012. Mexico also forgave about 70pc of Cuba's debt with Bancomext in 2013, much of it linked to hydrocarbons trade. Sheinbaum earlier framed the shipments as consistent with Mexico's foreign policy and humanitarian commitments, while acknowledging the geopolitical sensitivity given Cuba's strained relations with the US, Mexico's top trading partner. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US details plans to take over PdV sales: Update

07/01/26
07/01/26

US details plans to take over PdV sales: Update

Updates with more details throughout Washington, 7 January (Argus) — US president Donald Trump's administration is in talks with Caracas to "indefinitely" take over oil sales by state-owned PdV and will offer partial sanctions relief for Venezuela's oil sector. The US has already begun marketing Venezuelan crude "in the global marketplace for the benefit of the United States, Venezuela, and our allies", the US Department of Energy (DOE) said. The US will work with leading oil trading companies and major banks to finance those sales, according to a DOE factsheet. The US will partially lift sanctions on the Venezuelan oil sector but the sales proceeds will be deposited in US-controlled bank accounts, the DOE said. As a first step, the US will take possession of an estimated 30mn-50mn bl of crude held in floating and onshore storage in Venezuela, US energy secretary Chris Wright said at the Goldman Sachs Energy, CleanTech and Utilities Conference in Miami, Florida, on Wednesday. Then "indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace", Wright said. The US would supply the diluent required to enable the extraction and transportation of the heavy crude Venezuela produces, Wright said. "As we make progress with the government, we'll enable the importing of parts and equipment and services to kind of prevent the industry from collapsing, stabilize the production, and then as quickly as possible, start to see it growing again." The US will authorize Venezuela's imports of select oil field equipment, parts and services, the DOE said. The DOE also committed the US to working with interim Venezuelan authorities to repair Venezuela's dilapidated electricity grid. Taking these steps will eventually lead to the return of more US companies to Venezuela, Wright said. The DOE factsheet provides little detail on how the US will transport the initial batch of Venezuelan crude held in storage or on the marketing arrangements. The US in December imported 120,000 b/d of Venezuelan crude, under a sanctions waiver held by Chevron. The bulk of Venezuelan crude is heading to China, where independent refiners are the only buyers, to the tune of 430,000 b/d in 2025. Cuba imported some volumes as well. The DOE factsheet does not explicitly state whether the US will prohibit Venezuelan sales to specific destinations. Venezuela's crude output was 934,000 b/d in November, according to an average of Opec secondary sources including Argus . "We think short term, you might see [an additional] 250,000 b/d of Venezuelan oil come to the market over the next year," investment bank JP Morgan vice president Stephen Jury said on Wednesday. What's next? The plan outlined by Wright is the result of rapid improvisation of Trump's objectives in Venezuela following the 3 January US special forces operation that captured the country's president, Nicolas Maduro, and transported him to the US on drug trafficking charges. The Trump administration said it is working with interim president Delcy Rodriguez to accomplish its goals. Rodriguez has combined publicly defiant rhetoric with actions that aim to implement Washington's demands, with which PdV and its main foreign partner Chevron are now racing to comply. PdV said on Wednesday it is "negotiating with the US to sell volumes of oil" on "strictly commercial" terms, without specifying the amount. The sale will be carried out "under a framework similar to the one with international companies such as Chevron", PdV said. Chevron already holds a company-specific waiver from the US Treasury Department's sanctions enforcement arm, the US Office of Foreign Assets Control (Ofac). That waiver restricts Chevron to importing Venezuelan crude only into the US, among other conditions. The potential buyers of Venezuelan crude will have to apply for waivers as well, unless Ofac grants a general exemption. Treasury did not immediately comment on plans to provide sanctions relief for Venezuela's oil industry. PdV is not in a position to quickly deliver any volumes beyond those in floating storage because of long-term operational issues and recent major equipment outages. Uncertainty after the recent seizure of Maduro has led some PdV workers to avoid reporting for work. "PdV is working at minimal capacity", a PdV source told Argus . "Operational areas [E&P and upgrading] are half working. Storage is full." Three out of four major upgrading units needed to make Venezuela's extra-heavy crude oil more easily transportable are still down after unexplained explosions and fires in recent weeks, following the US build-up of military forces near Venezuela, the source said. Wright is scheduled to meet with US oil executives on the sidelines of the Goldman conference to discuss details of the US involvement in Venezuela's oil sector. Trump in turn will discuss Venezuela with US oil executives at the White House on 9 January. By Haik Gugarats, Carlos Camacho and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US seizes second crude tanker of the day

07/01/26
07/01/26

US seizes second crude tanker of the day

New York, 7 January (Argus) — The US has seized the sanctioned very large crude carrier (VLCC) M Sophia while it was sailing in the Caribbean carrying Venezuelan crude this morning, hours after seizing a different Venezuela-linked VLCC near Ireland. The M Sophia was seized in international waters in the Caribbean Sea according to the US Southern Command, which said it was conducting illicit activities. It will be escorted by the US Coast Guard to the US. No mention was made of what will happen to what ship research firm TankerTrackers.com (TT) said is 1.8mn bls of Venezuelan oil onboard, but following previous seizures of Venezulean crude the oil was offloaded at US Gulf coast ports. M Sophia along with 15 other tankers evaded the US naval blockade seeking to stop Venezuelan crude shipments right after Venezuelan president Nicolas Maduro's arrest over the weekend, according to TT. The Panama-flagged vessel has not transmitted its position since July 2025, according to vessel tracking firm Kpler. The vessel was sanctioned under the administration of former US president Joe Biden in January 2025 due to its involvement in the transportation of sanctioned Russian crude oil. This is the second confirmed US tanker seizure on 7 January. US defense secretary Pete Hegseth said on social media this morning that the US blockade of sanctioned tankers carrying Venezuelan oil is still in effect "... anywhere in the world," following the seizure of the recently Russian-reflagged tanker Marinera by US forces near Ireland. The seized tankers were both under US sanctions and have transported oil on behalf of the Iran's Islamic Revolutionary Guard Corp and fund their activities, according to TT. The US Coast Guard seized two other tankers in December after Trump declared a partial oil blockade of Venezuela, targeting tankers under US sanctions. Trump on Tuesday said the interim government in Venezuela will turn over between 30mn-50mn bl of oil to the US. The volume roughly matches the capacity of the more than 20 US-sanctioned tankers believed to be at or near Venezuela's ports. By Charlotte Bawol and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US details plans to take over PdV sales

07/01/26
07/01/26

US details plans to take over PdV sales

Washington, 7 January (Argus) — The US administration is in talks with Caracas to "indefinitely" take over oil sales by state-owned PdV and supply the diluents and equipment to enable a boost in Venezuelan output, US energy secretary Chris Wright said on Wednesday. President Donald Trump on Tuesday claimed that the interim government in Venezuela will turn over between 30mn-50mn bl of "High Quality, Sanctioned Oil" to the US. That volume is roughly the amount of oil Venezuela holds in both onshore and floating storage, and the US will take over marketing the stored barrels and then "indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace." The US is working directly with Venezuela to carry out this plan, Wright said at the Goldman Sachs Energy, CleanTech and Utilities Conference in Miami. The US would supply the diluent required to enable the extraction and transportation of the heavy crude Venezuela produces, Wright said. "As we make progress with the government, we'll enable the importing of parts and equipment and services to kind of prevent the industry from collapsing, stabilize the production, and then as quickly as possible, start to see it growing again." Taking these steps will eventually lead to the return of more US companies to Venezuela, Wright said. The plan outlined by Wright is the result of rapid improvisation of the US objectives in Venezuela following the 3 January US special forces operation that captured the country's president, Nicolas Maduro, and transported him to the US on drug trafficking charges. The Trump administration said it is working with interim president Delcy Rodriguez to accomplish its goals. Rodriguez has combined publicly defiant rhetoric with action that effectively complies with Washington's demands, with which PdV and its main foreign partner Chevron are now racing to comply. PdV is not in a position to quickly deliver any volumes beyond those in floating storage because of long-term operational issues and recent major equipment outages. Uncertainty after the recent seizure of Maduro has led some PdV workers to avoid reporting for work. "PdV is working at minimal capacity", a PdV source told Argus . "Operational areas [E&P and upgrading] are half working. Storage is full." Three out of four major upgrading units needed to make Venezuela's extra-heavy crude oil more easily transportable are still down after unexplained explosions and fires in recent weeks, following the US build-up of military forces near Venezuela, the source said. Wright is scheduled to meet with US oil executives on the sidelines of the Goldman conference to discuss details of the US involvement in Venezuela's oil sector. Trump in turn will discuss Venezuela with US oil executives at the White House on 9 January. By Haik Gugarats and Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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