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On January 6, 2026, President Trump announced that the United States would take possession of between 30 and 50 million barrels of Venezuelan crude oil. This “turn over” of assets, valued at approximately $2 billion, involves oil currently trapped in storage due to the mid-December U.S. naval blockade. The President confirmed that the oil will be shipped to U.S. ports, sold at market rates, and the proceeds held by the U.S. government to be used for “rebuilding” and historical reparations.
Updates:
What’s Next for Oil Market?
According to the latest update, Trump is hosting a high-stakes meeting this Friday with executives from ExxonMobil, Chevron, and ConocoPhillips to plan a multi-billion-dollar reconstruction of Venezuela’s decrepit energy infrastructure.
Energy Secretary Chris Wright has been directed to begin the transfer of trapped crude from storage ships to U.S. unloading docks “immediately”.
Market Impact & Volatility: WTI Crude prices fell over 1.5% following the news as traders anticipate a surge in heavy crude supply to Gulf Coast refineries.
Ultima Market analysts warn that global oil prices are expected to undergo significant volatility as headlines continue to dominate uncertainty in the crude market.
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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