Trump Announces Plans to Sell Barrels of Venezuelan Oil

Oil prices extended losses on Wednesday after United States President Donald Trump said Venezuela’s interim authorities would hand over tens of millions of barrels of oil to Washington, adding fresh volatility to global energy markets.

Crude prices have fluctuated sharply since Trump announced over the weekend that the United States had moved to remove Venezuelan President Nicolas Maduro from power, declaring that Washington would oversee the country’s administration while demanding full access to its oil resources.

Both major oil benchmarks fell by more than one per cent on Wednesday, following declines of nearly two per cent a day earlier, after Trump revealed details of the proposed oil transfer.

“The interim authorities in Venezuela will be turning over between 30 and 50 million barrels of high-quality, sanctioned oil to the United States of America,” Trump wrote on his Truth Social platform.

The comments reinforced investor concerns over increased supply and geopolitical uncertainty, weighing on crude prices despite broader optimism in financial markets. Analysts noted that expectations of looser monetary and fiscal conditions over the coming year have continued to support risk assets, even as energy markets remain under pressure.

Equity markets delivered mixed performances after a strong start to the year, with gains in the United States and Europe offset by declines across much of Asia. Currency markets were relatively steady, with the dollar easing slightly against major peers.

Market participants remain focused on geopolitical developments surrounding Venezuela, central bank policy outlooks, and the potential impact of shifting oil supply dynamics on global inflation and growth.

SOURCE: Market data and statements