President Donald Trump has been accused of plotting to steal Venezuela’s vast oil reserves “at gunpoint” after unveiling plans to control sales “indefinitely” for U.S. gain.
The Department of Energy on Wednesday revealed a scheme to keep all proceeds from oil sales in U.S.-controlled accounts before the government decides how they are used “for the benefit of the American people and the Venezuelan people”.
Democratic senator Chris Murphy of Connecticut called the plan “insane”, telling reporters: “They are talking about stealing the Venezuelan oil at gunpoint for a period of time undefined as leverage to micromanage the country.”
But energy secretary Chris Wright said that the administration’s priority was stabilising Venezuela’s economy, insisting: “We are not stealing anyone’s oil.”
Trump has warned the U.S could be involved in Venezuela for years to help “rebuild” the country with funds raised from oil.
“We will rebuild it in a very profitable way,” he assured, adding: “We’re going to be using oil, and we’re going to be taking oil.”
Key Points
- Trump says US oversight of Venezuela could last years
- All we know about blacklisted supertanker seized by US
- US says it will control Venezuelan oil sales indefinitely
- British armed forces helped US seizure of oil tanker
- US military confirms second Venezuela-linked vessel apprehended
- Russia condemns U.S. seizure of oil tanker Marinera
- Senate votes to take up resolution limiting Trump in Venezuela
Republicans break ranks to halt future Trump attacks on Venezuela
19:09 , Daniel KeaneA group of Republican senators delivered Donald Trump a message of opposition to begin the new year as they voted to limit the president’s ability to launch new attacks on Venezuela.
Five members of the president’s party broke ranks to support a War Powers Act resolution sponsored by Sen. Tim Kaine, a Democrat from Virginia, aimed at preventing the White House from using resources to support further military action inside Venezuela following the capture of the country’s leader Nicolas Maduro. The new resolution blocks the president from using the military against Venezuela without authorization from Congress.
Read our full story below.
Republicans break ranks to halt future Trump attacks on Venezuela
Trump slams Republican senators who agreed to advance bill curbing Venezuela war powers
18:27 , Daniel KeanePresident Donald Trump decried his fellow Republicans in the U.S. Senate who on Thursday voted to advanced a resolution that would bar him from taking further military action against Venezuela without congressional authorisation.
"Susan Collins, Lisa Murkowski, Rand Paul, Josh Hawley, and Todd Young should never be elected to office again," Trump wrote in a social media post.
How Trump’s attack on Venezuela backs Fifa into a corner over World Cup
17:56 , James ReynoldsThe US attack on Venezuela has shifted focus on the 2026 World Cup hosts, writes Miguel Delaney, with Fifa left conflicted by its allegiance with Trump:
How Trump’s attack on Venezuela backs Fifa into a corner over World Cup
Analysis: Welcome to Trump’s New Rogue Order: US pulling out of key UN bodies leaves us all less safe
17:45 , James ReynoldsThe U.S. president’s decision to withdraw from dozens of international groups will make America’s enemies rejoice, The Independent’s World Affairs Editor Sam Kiley writes:
Trump’s New Rogue Order: US pulling out of key UN bodies leaves us all less safe
UK offers show of support to Denmark as U.S. eyes Greenland
17:29 , James ReynoldsThe UK “once again” showed solidarity with Denmark over the U.S. designs on Greenland, foreign minister Lars Loekke Rasmusen said on Thursday following a call with his British counterpart.
“Thanks for a good and constructive conversation with UK Foreign Secretary Yvette Cooper,” he said.
“Once again UK has underlined the strong and steadfast support for the territorial integrity of the Kingdom of Denmark.”
Why Trump wants to take Greenland – and how his ‘remarkably stupid’ plan could unfold
17:15 , James ReynoldsDonald Trump is weighing options to take Greenland from Nato ally Denmark.
Trump first floated the idea in 2019. But after shocking the world with his successful ousting of Venezuelan president Nicolas Maduro, it’s something he says is back on his agenda.
Alex Woodward looks at why Trump wants to take the territory - and how it could happen:
Trump wants to take Greenland. How his ‘remarkably stupid’ plan could unfold
BREAKING: Senate votes to take up resolution limiting Trump in Venezuela
16:49 , James ReynoldsThe Senate has voted to take up a resolution to limit Trump’s power to use the military in Venezuela.
The narrow 52-47 vote is enough to move the measure on and begin a debate on the resolution invoking the War Powers Act.
It is still unclear whether the House will approve it, and Trump could still veto it.
Even if symbolic, the vote suggests a shifting political landscape, after Republicans blocked all past efforts.
The last vote was 49-51, as just two senators from Trump's party joined Democrats in backing a resolution in November.
Administration officials had told lawmakers at that time that they did not plan to change the government or conduct strikes on Venezuelan territory.
Republicans back push to curb Trump's operations in Venezuela
16:36 , James ReynoldsRepublicans are joining the Democrat-led push to curb Trump’s military operations in Venezuela.
The U.S. Senate is considering a resolution today that would block Trump from taking further military action against Venezuela without congressional authorisation.
Those supporting the resolution include Senator Todd Young of Indiana, Lisa Murkowski of Alaska, and Susan Collins of Maine.
Rand Paul of Kentucky is a cosponsor of the measure.
U.S. invites limited Chinese involvement in Venezuela
16:00 , James ReynoldsU.S. energy secretary Chris Wright told Fox Business Network today that it was possible for the U.S. and China to both have roles in the future of Venezuela, as Washington positions itself to dictate the use of profits from oil sales.
Mr Wright assured that Donald Trump wants a peaceful relationship with China going forward. He also emphasized that the U.S. would not allow China to have a major role in the country.
France's Macron accuses U.S. of turning away from allies
15:27 , James ReynoldsFrench president Emmanuel Macron said today that the U.S. was “breaking free from international rules” and “turning away” from some of its allies, as Europe scrambles to respond to threats to Danish territory Greenland.
"We are living in a world of great powers with a real temptation to divide up the world," he said, warning that “multilateral institutions” are now “functioning less and less effectively”.
Danish forces will ‘shoot first and ask questions later’ if Greenland is invaded
15:00 , James ReynoldsDenmark has confirmed it is still adhering to a Cold War-era rule that means its troops must respond automatically and immediately to an attack with force - as the U.S. weighs the prospect of military intervention to seize Greenland.
Read the full story:
Danish forces will ‘shoot first and ask questions later’ if Greenland is invaded
Trump call to Colombian leader appears to lift threat of military intervention, NYT reports
14:30 , James ReynoldsTrump appeared to lift a threat to take military action against Venezuela's neighbour Colombia in his hour-long call with president Gustavo Petro, according to the NYT, which was permitted to sit in on the call.
The president invited Colombia's leftist leader, whom he had previously called a "sick man", to visit Washington, the outlet reported. The call "appeared to dissipate any immediate threat of U.S. military action".
Petro described the call, his first with Trump, as cordial.
Trump 'can't say' whether he'd deploy troops if Venezuela blocks oil extraction
14:00 , James ReynoldsDonald Trump also told the NYT that he can’t say whether the US would deploy troops in Venezuela in the event of the government blocking oil access.
“I can’t tell you that,” he told the outlet. “I really wouldn’t want to tell you that, but they’re treating us with great respect.”
US Senate to vote on reining in Trump on Venezuela
13:30 , James ReynoldsThe U.S. Senate is due to consider a resolution today that would block Trump from taking further military action against Venezuela without congressional authorisation.
Senators will vote on the latest in a series of war powers measures introduced since the administration ramped up military pressure on the country.
The last vote was just 49-51, suggesting the measure could pass in a close vote.
Sanctioned Russian tanker sailing through English Channel
13:15 , James ReynoldsA sanctioned Russian tanker is sailing through the English Channel just a day after a Russian-flagged vessel was seized in the North Atlantic.
The tanker was previously named Tia when sanctioned by the U.S. in 2024. It is now sailing under a false name, the Telegraph reports.
Trump avoids answering why he backed Delcy Rodriguez to lead Venezuela
13:00 , James ReynoldsIn a wide-ranging interview with the New York Times, Donald Trump avoided saying why he backed vice president Delcy Rodriguez in succeeding ousted leader Nicolas Maduro.
Opposition leader Maria Corina Machado had seemed the obvious candidate to some, having claimed victory in 2024’s disputed election while campaigning for democracy.
She also beat Trump to the Nobel Peace Prize at the end of last year.
Trump declined to comment on whether he had spoken to Rodriguez. He said Marco Rubio speaks to her “all the time”.
Analysis: Britain is helping Trump play Big Man in the Atlantic
11:45 , James ReynoldsBritish RAF spy planes and submarine hunters circled above as U.S. special forces boarded an empty Russian-flagged Venezuelan oil tanker in the north Atlantic in an expensive performance verging on satire.
The Marinera was chased across the oceans, switched its nationality to Russian mid-journey, painted Moscow’s flag on its side and chugged along shadowed by one of Vladimir Putin’s submarines.
But the elite sailors beneath the sea offered the ageing tanker no real protection. And while the Kremlin has loudly condemned Donald Trump’s abduction of Venezuela’s president, Nicolas Maduro, the Marinera’s voyage did not end with nautical fisticuffs between two nuclear powers.
The seizure of the oil tanker Marinera and Britain’s role in it is an embarrassing farce, writes world affairs editor Sam Kiley on the Venezuelan-Colombian border:
Britain is now helping Trump play Big Man in the Atlantic with oil tanker raid
Greenland should hold talks with U.S. without Denmark, said opposition leader
11:44 , James ReynoldsAn opposition leader in Denmark has suggested Greenland should hold direct talks with the U.S. without Danish involvement.
Pele Broberg, the leader of Naleraq, said in comments aired on Thursday: “We encourage our current (Greenlandic) government actually to have a dialogue with the U.S. government without Denmark.
“Because Denmark is antagonising both Greenland and the U.S. with their mediation.”
Naleraq is the largest opposition party and the most prominent political voice for Greenland's independence. It won 25% of the vote in the nation of just 57,000.
What do we know about the seizure of the Marinera tanker?
11:36 , James ReynoldsA weeks-long chase across the Atlantic ended on Wednesday morning when the U.S. Coast Guard and U.S. military special forces apprehended the Marinera crude oil tanker, which had refused to be boarded last month before switching to Russia's flag, officials said.
The Marinera, formerly known as the Bella-1, was empty of oil, but the U.S. says it belonged to a "shadow fleet" of tankers used to transport sanctioned oil from Venezuela and Iran.
Attorney General Pam Bondi said in a statement that the Marinera crew had made "frantic efforts to avoid apprehension" and "failed to obey" Coast Guard orders, and so faces criminal charges.
Britain’s ministry of defence said on Wednesday that it had provided support to the U.S. to seize the tanker in the North Atlantic, following a US request for assistance.
Earlier on Wednesday, the U.S. Coast Guard also intercepted a tanker carrying Venezuelan oil, the Panama-flagged M Sophia, near the northeast coast of South America, the U.S. officials said, in the fourth seizure in recent weeks.
The tanker was fully loaded, according to records of Venezuela's state oil company PDVSA.
Watch: Inside the Venezuelan refugee shanty towns where hope is dangerous
11:00 , James ReynoldsTrump calls to boost defence spending to $1.5trn amid threats to Greenland
10:15 , James ReynoldsDonald Trump called to raise US defence spending to $1.5trn on Wednesday amid a growing spat with NATO allies over the future of Greenland.
Writing on his Truth Social platform, the president said he would ask Congress for an extra $500bn to bring the Pentagon’s budget to a record high.
He said the money would fund his “Dream Military”, without much explanation.
The post comes after a flurry of activity deposing Venezuelan president Nicolas Maduro and threatening military intervention to take Greenland, a semi-autonomous territory of NATO ally Denmark.
One hundred killed in US intervention in Venezuela, says government
10:02 , James ReynoldsOne hundred people died in the U.S. attack on Venezuela, interior minister Diosdado Cabello said late on Wednesday.
Caracas have not previously given a number for those killed, but the army posted a list of 23 names of its dead.
Venezuelan officials have said a large part of Maduro's security contingent was killed "in cold blood," and Cuba has said 32 members of its military and intelligence services in Venezuela were killed.
Maduro's wife Cilia Flores, detained alongside him, suffered a head injury during the U.S. raid, Cabello said, and Maduro an injury to his leg.
Venezuela primed for violent insurgency following US intervention, experts warn
10:00 , James ReynoldsVenezuela could face violent instability following the shock capture of President Nicolas Maduro by the US military, experts have warned.
“Venezuela is primed for violent resistance to the U.S. controlling the oil,” said Robert Pape, a professor at the University of Chicago’s political science department and director of the Chicago Project on Security Threats.
He described the scene as the “perfect terrain for insurgency”, adding: “Chaos is coming.”
Read the full story:
Venezuela primed for violent insurgency following US intervention, experts warn
Watch: Moment U.S. Coast Guard seizes Russian-flagged tanker in the Atlantic
09:57 , James ReynoldsThe U.S. Coast Guard has shared footage of the moment it intercepted Bella I, also known as the Marinera.
The U.S. has described the vessel as a “Venezuelan shadow-fleet vessel that has transported sanctioned oil” and “deemed stateless after flying a false flag”.
Marine Traffic showed that the ship’s flag status was changed to Russian on 4 January.
Specialized capabilities. Global impact. An unstoppable joint force.
— U.S. Coast Guard (@USCG) January 7, 2026
Alongside @DeptofWar, @USCG conducted a boarding and seizure of the Motor Tanker Bella I this morning in the North Atlantic. Following a sustained shadowing effort across the Atlantic by Coast Guard Cutter… pic.twitter.com/xEmFkh4xLO
The U.S. won't station troops in Venezuela, officials insist after Trump's warning
09:46 , James ReynoldsNational security leaders told senators on Wednesday that the U.S. does not plan to station troops in Venezuela, according to Politico.
Lawmakers told the outlet that Pete Hegseth and Marco Rubio still maintained that the US military would stay in the area for the foreseeable future.
Donald Trump told NBC News earlier this week that he was prepared to send more troops in if interim president Delcy Rodriguez stops cooperating.
Plan to manage Venezuelan oil slammed by Dem senator
09:30 , James ReynoldsThe Trump administration is facing intense opposition to the announced plan to control Venezuela’s oil sales “indefinitely”.
The US Department of Energy revealed on Wednesday a scheme to keep all proceeds from oil sales in US-controlled accounts before the US government decides how they are used “for the benefit of the American people and the Venezuelan people”.
Senator Chris Murphy of Connecticut called the plan "insane".
"They are talking about stealing the Venezuelan oil at gunpoint for a period of time undefined as leverage to micromanage the country," he told reporters.
"The scope and insanity of that plan is absolutely stunning."
Role of Venezuelan government still unclear as U.S. eyes oil profits
09:29 , James ReynoldsDelcy Rodriguez’s role as interim president of Venezuela remains unclear with Donald Trump insisting the U.S. will control oil revenues for the foreseeable future.
The US president told the New York Times that he was getting on well with Nicolas Maduro’s replacement, who has taken a more conciliatory tone towards the US since being sworn into office on Monday.
In an interview with the NYT published on Thursday, the U.S. president made no commitments about when elections would be held in Venezuela, leaving the country’s democracy in question.
Trump threatens to control Venezuelan oil for years
09:24 , James ReynoldsDonald Trump has suggested US involvement in Venezuela could last for years as they “rebuild” the country with seized oil money.
The US president was asked by the New York Times whether he foresaw the US overseeing Venezuela for three months, six months, a year or longer.
“I would say much longer,” he said, in an interview published early on Thursday. “Only time will tell,” he added.
Trump insisted that Venezuela would be rebuild “in a very profitable way”, adding: “We're going to be using oil, and we're going to be taking oil. We're getting oil prices down, and we're going to be giving money to Venezuela, which they desperately need."
He said that the US was “getting along very well” with interim president Delcy Rodriguez, who replaced ousted leader Nicolas Maduro on Monday.
Trump says US oversight of Venezuela could last years
08:00 , Alisha Rahaman SarkarPresident Donald Trump has said that "only time will tell" how long the U.S. will maintain oversight of Venezuela.
When asked by the New York Times if it would be three months, six months, a year, or longer, Trump said: "I would say much longer."
Watch: British military troops return to RAF base after helping U.S. seize oil tanker
07:59 , Alisha Rahaman SarkarTrump demands massive increase to defense spending budget
07:47 , Alisha Rahaman SarkarPresident Trump wants to increase next year’s military budget to $1.5 trillion, in what would be the largest jump ever in defense spending, up from this year’s $901 billion allocation.
In a Truth Social post on Wednesday, the president said the windfall would help bolster U.S. forces during these “very troubled and dangerous times.” In recent days, the White House has pursued military action in Venezuela and across the Caribbean, and has threatened Greenland, Colombia and Mexico.
“This will allow us to build the ‘Dream Military’ that we have long been entitled to and, more importantly, that will keep us SAFE and SECURE, regardless of foe,” the president wrote in his post.
Josh Marcus reports.
Trump wants huge defense budget hike to combat ‘very troubled and dangerous times’
Venezuela says 100 killed in U.S. attack
07:20 , Alisha Rahaman SarkarVenezuela's interior minister Diosdado Cabello has claimed that at least 100 people died in the U.S. attack over the weekend to seize sitting president Nicolas Maduro.
Caracas had not previously released a death toll, but the army later published a list naming 23 soldiers killed.
Venezuelan officials said a significant portion of Maduro’s security detail was killed “in cold blood,” while Cuba reported that 32 of its military and intelligence personnel in Venezuela were killed.
Watch: US vows to control Venezuela’s oil ‘indefinitely’
07:00 , Alisha Rahaman SarkarRussia condemns U.S. seizure of oil tanker Marinera
06:25 , Alisha Rahaman SarkarRussia said on Wednesday that the U.S. seizure of a Russian-flagged oil tanker in the Atlantic was a violation of maritime law.
"In accordance with the 1982 UN Convention on the Law of the Sea, freedom of navigation applies in the high seas, and no state has the right to use force against vessels duly registered in the jurisdictions of other states," the transport ministry said in a statement.
It said contact with the vessel, the Marinera, had been lost after U.S. naval forces boarded it.
A senior Russian lawmaker from the ruling United Russia party, Andrei Klishas, said the seizure was an act of outright piracy, the TASS state news agency reported.
The U.S. said on Wednesday it had seized a Russian-flagged, Venezuela-linked tanker as part of president Donald Trump's aggressive push to dictate oil flows in the Americas and force Caracas' socialist government to become its ally.
Britain is now helping Trump play Big Man in the Atlantic with seizure of Russian-flagged oil tanker
06:12 , Alisha Rahaman SarkarBritish RAF spy planes and submarine hunters circled above as US special forces boarded an empty Russian-flagged Venezuelan oil tanker in the north Atlantic in an expensive performance verging on satire.
The Marinera was chased across the oceans, switched its nationality to Russian mid-journey, painted Moscow’s flag on its side and chugged along shadowed by one of Vladimir Putin’s submarines.
But the elite sailors beneath the sea offered the ageing tanker no real protection. And while the Kremlin has loudly condemned Donald Trump’s abduction of Venezuela’s president, Nicolas Maduro, the Marinera’s voyage did not end with nautical fisticuffs between two nuclear powers.
The seizure of the oil tanker Marinera and Britain’s role in it is an embarrassing farce, writes world affairs editor Sam Kiley on the Venezuelan-Colombian border
Britain is now helping Trump play Big Man in the Atlantic with oil tanker raid
Russia sent submarine to escort oil tanker before U.S. seizure
06:00 , Alisha Rahaman SarkarRussia reportedly deployed a submarine and other naval assets to escort an empty, rusting oil tanker, which was later seized by the U.S.
The vessel, formerly known as Bella 1, has spent more than two weeks trying to evade a U.S. crackdown on sanctioned tankers near Venezuela.
It failed to dock and load oil, but despite being empty, the U.S. Coast Guard pursued it into the Atlantic as part of efforts to disrupt a shadow fleet that ferries illicit oil worldwide, including black-market crude sold by Russia.
Alarmed by U.S. seizures of tankers carrying its illicit oil, Russia made the unusual move of allowing the vessel to register without inspection or formalities, the Wall Street Journal reported.
Moscow had asked Washington to stop pursuing the tanker, according to three U.S. officials. On Tuesday, the Russian foreign ministry said it was monitoring the situation “with concern,” according to state news agency RIA.
The weeks-long chase across the Atlantic ended on Wednesday morning when the U.S. Coast Guard and U.S. military special forces, bearing a judicial seizure warrant, apprehended the Marinera crude oil tanker.
In pics: Oil tankers seized by the U.S.
05:40 , Alisha Rahaman Sarkar
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All we know about blacklisted supertanker seized by US
05:21 , Alisha Rahaman SarkarU.S. forces have seized a sanctioned Venezuelan oil tanker being escorted by Russian naval ships in the North Atlantic, days after the dramatic capture of President Nicolas Maduro.
The military and Coast Guard intercepted the Marinera tanker on Wednesday in waters north west of Scotland, after a two-week chase.
The vessel had evaded a U.S. blockade of sanctioned oil tankers near Venezuela, a measure the administration had implemented shortly before an elite unit seized Maduro in the early hours of Saturday.
Alex Croft reports.
Oil blockades ‘outright piracy’: All we know about blacklisted tanker seized by US
U.S. to exit dozens of international organisations
05:00 , Alisha Rahaman SarkarPresident Donald Trump has signed an executive order withdrawing the U.S. from 66 organizations, agencies and commissions, marking the country further retreating from global cooperation.
The order follows Trump's instruction for his administration to review participation in and funding for all international organisations, including those affiliated with the UN.
Most of the targets are U.N.-related agencies, commissions and advisory panels that focus on climate, labour and other issues that this administration has categorised as catering to diversity and "woke" initiatives.
Trump's decision to withdraw from organisations that foster cooperation among nations to address global challenges comes as his administration launched military efforts in Venezuela and issued threats to Greenland and other nations, which have rattled allies and adversaries alike.
Trump invites Colombian president to White House
04:50 , Alisha Rahaman SarkarU.S. president Donald Trump has abruptly changed his tone about his Colombian counterpart, Gustavo Petro, saying that the two had exchanged a friendly phone call and that he'd invited the leader of the South American country to meet at the White House.
"It was a Great Honor to speak with the President of Colombia, Gustavo Petro, who called to explain the situation of drugs and other disagreements that we have had," Trump posted on Truth Social.
"I appreciated his call and tone, and look forward to meeting him in the near future."
US military could be deployed in Venezuela to protect workers
04:10 , Mike BediganWhite House press secretary Karoline Leavitt said that the US military could be deployed in Venezuela to help protect oil workers sent there by American oil companies.
Asked about how the government could reassure the US oil companies that their workers would be safe, Leavitt confirmed that troops may be involved.
“The president, of course, reserves the right to use the military if necessary,” she said.
US says it will control Venezuelan oil sales indefinitely
04:00 , Alisha Rahaman SarkarU.S. officials have claimed that the Trump administration needs to control Venezuela's oil sales and revenue indefinitely to stabilize that country's economy, rebuild its oil sector and ensure it acts in America's interests.
The comments reflect the importance of crude oil to President Donald Trump's strategy in Venezuela after U.S. forces ousted the country's leader, Nicolas Maduro, in a raid on the capital Caracas on Saturday.
"We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela," U.S. energy secretary Chris Wright said at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami.
He said the revenues would be used to stabilize Venezuela's economy and eventually to repay oil majors Exxon Mobil and ConocoPhillips for losses when their assets were nationalized by former President Hugo Chavez nearly two decades ago.
U.S. vice president JD Vance said that controlling Venezuela's oil meant controlling the country.
"We control the energy resources, and we tell the regime: 'You're allowed to sell the oil so long as you serve America's national interest; you're not allowed to sell it if you can't serve America's national interest," he told the Fox News.
UK armed forces helped US seizure of oil tanker
03:37 , Alisha Rahaman SarkarThe British army supported the US seizure of a Russian-flagged oil tanker in the North Atlantic yesterday, the Ministry of Defence said.
The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean, one sailing under Russia's flag called the Marinera, as part of president Donald Trump's aggressive push to dictate oil flows in the Americas.
After capturing Venezuelan president Nicolas Maduro in a Saturday military raid on Caracas, the U.S. is escalating its blockade of vessels that are under sanctions and going to and from the South American country, a member of the OPEC oil producers group.
The UK MoD said the US asked Britain for assistance, and RAF surveillance aircraft and a Royal Navy support ship, the RFA Tideforce, took part in the operation.
Defence secretary John Healey said the action was "in full compliance with international law", adding the UK "will not stand by as malign activity increases on the high seas".
Chevron in talks with US for expanded Venezuela oil license
03:36 , Alisha Rahaman SarkarOil producer Chevron is in talks with the U.S. government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers, according to a Reuters report.
The talks come as Washington and Caracas progress in talks to supply up to 50 million barrels of Venezuelan oil to the U.S. and president Donald Trump presses American oil companies to invest in the South American country's energy sector.
U.S. officials have said this week that proceeds from the Venezuelan oil supply, which is expected to help state energy company PDVSA drain inventories amid a severe oil blockade, will go to a U.S.-overseen trustee. Proceeds are meant to finance supplies of American goods to Venezuela.
Chevron is the only U.S. oil major operating in Venezuela, which it does under an authorization from the U.S. government that exempts it from sanctions on the country.
As part of its sanction-hardening campaign to weaken Venezuelan President Nicolas Maduro, the Trump administration in July put additional restrictions on Chevron's license.
Those restrictions reduced the volume of Venezuelan crude the company is exporting to the U.S. to some 100,000 barrels per day in December from 250,000 bpd earlier this year.
All money from sale of Venezuelan oil will 'settle in US accounts' first, White House says
03:30 , Mike BediganThe White House has said that all proceeds from the sale of Venezuelan oil will “settle” in US bank accounts to “guarantee the legitimacy” before being disbursed back the South American nation.
“The United States government has already begun marketing Venezuelan crude oil in the global marketplace for the benefit of the United States,” White House press secretary Karoline Leavitt told reporters Wednesday.
“All proceeds from the sale of Venezuelan crude oil and products will first settle in U.S. accounts at globally recognized banks to guarantee the legitimacy and integrity of the ultimate distribution of proceeds, and those funds will be disbursed for the benefit of the American people and the Venezuelan people, at the discretion of the United States government.”
‘Chaos is coming’: Venezuela primed for violent insurgency following US intervention, experts warn
03:00 , Mike BediganVenezuela could face violent instability following the shock capture of President Nicolas Maduro by the US military, experts have warned.
While Maduro’s vice president Delcy Rodriguez was quickly sworn in with US-backing, there are fears a political vacuum sets the stage for a power struggle among multiple heavily armed factions that could spark an insurgency.
Maira Butt has more:
Venezuela primed for violent insurgency following US intervention, experts warn
Recap: Why has the US seized a Venezuelan oil tanker?
02:30 , Mike BediganThe art of the drill: Trump considers subsidies to push oil companies to drill in Venezuela
02:00 , Mike BediganAfter deposing Venezuela’s president and taking over the country’s enormous oil reserves, President Donald Trump is floating the idea of using taxpayer funding to incentivize U.S.-based oil companies to expand operations there.
Since the military operation that led to the arrest of Nicolás Maduro and his wife, Trump said he would like the U.S.’s “very large” oil companies to “spend billions of dollars” to fix Venezuela’s broken oil infrastructure.
Read more from Ariana Baio:
Trump considers subsidies to push oil companies to drill in Venezuela
U.S. Energy Sec says fossil fuel giants will be paid back for losses in Venezuela
01:30 , Mike BediganU.S. Energy Secretary Chris Wright said Wednesday that revenue from Venezuelan oil sales will be used to stabilize the country's economy first, before repaying fossil fuel giants such as Exxon Mobil and ConocoPhillips for their losses there.
Exxon Mobil and ConocoPhillips were major producers in the country before their projects were nationalized by former President Hugo Chavez nearly two decades ago.
Oil prices fall again as tankers seized by U.S.
00:55 , ReutersOil prices fell again on Wednesday as investors digested Trump's deal to import up to $2 billion worth of Venezuelan crude.
The move would lift supplies to the world's largest oil consumer.
Brent crude futures were down 77 cents, or 1.3 percent, to trade at $59.94 a barrel by 1:58 p.m. EST (6.58 p.m. GMT), while U.S. West Texas Intermediate crude fell $1.14, or 2 percent, to $55.99 a barrel.
Both benchmarks slipped more than $1 a barrel during the previous trading session, with market participants expecting ample global supply this year.
The deal between Washington and Caracas initially could require the rerouting of cargoes that were bound for China, sources told Reuters.
Watch: The truth about how many drugs in the US come from Venezuela
00:25 , Mike BediganOil giant in talks with Trump administration to expand Venezuela operating license
00:10 , Mike BediganAmerican oil producer Chevron is in discussions with the US government to expand its operating licence in Venezuela, aiming to increase crude exports to its own refineries and potentially sell to other buyers.
These talks unfold as Washington and Caracas advance negotiations to supply up to 50 million barrels of Venezuelan oil to the United States.
Read more here:
Oil giant in talks with US government to expand Venezuela operating license
Recap: Oil blockades, a two week chase and ‘outright piracy’: All we know about blacklisted supertanker seized by US
Wednesday 7 January 2026 23:52 , Mike BediganEarly Wednesday, U.S. forces seized a sanctioned Venezuelan oil tanker being escorted by Russian naval ships in the North Atlantic, days after the dramatic capture of President Nicolas Maduro from his home.
The military and Coast Guard intercepted the Marinera tanker in waters north west of Scotland, after a two-week chase.
The vessel had evaded a U.S. blockade of sanctioned oil tankers near Venezuela, a measure the administration had implemented shortly before an elite unit seized Maduro in the early hours of Saturday.
Here’s a recap, in case you missed it:
Oil blockades ‘outright piracy’: All we know about blacklisted tanker seized by US
Trump says Venezuela will only purchase 'American Made' products with oil money
Wednesday 7 January 2026 23:33 , Mike BediganDonald Trump has announced the Venezuela will only be purchasing “American made” products with the money made from its deal with the U.S. over oil production.
“I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal,” the president wrote on Truth Social Wednesday evening.
“These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities.
“In other words, Venezuela is committing to doing business with the United States of America as their principal partner – A wise choice, and a very good thing for the people of Venezuela, and the United States. Thank you for your attention to this matter!”
House Dems question next steps on Venezuela following briefing
Wednesday 7 January 2026 23:20 , Mike BediganDuring a classified briefing on Venezuela Wednesday, House Democrats raised concerns about the Trump administration's actions and the next steps to support the country.
Former Speaker Nancy Pelosi said it was "not clear what comes next,” with regard to the running of Venezuela, despite praising the execution of the military operation.
House Foreign Affairs Ranking Member Gregory Meeks agreed, saying he had heard "no plan" for running Venezuela.
Others, including Jason Crow, of Wisconsin, and Seth Moulton, of Massachusetts, claimed that Trump administration officials had not been able to answer basic questions including about timelines and costs.
ICYMI: Trump says Venezuela will turn over 30-50 million barrels of oil
Wednesday 7 January 2026 22:50 , Mike BediganWriting on his Truth Social platform Wednesday, Donald Trump announced that the interim Venezuelan authorities would be turning over between 30 and 50 million barrels of oil to the US.
“I am pleased to announce that 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,” the president wrote.
“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!
“I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States. Thank you for your attention to this matter!”
Florida rep says he has spoken to Venezuelan opposition leader
Wednesday 7 January 2026 22:20 , Mike BediganRepublican Rick Scott has backed the Trump administration’s seizure of the Venezuelan-linked sanctioned oil tankers.
“Presidents and presidents and presidents have allowed our own backdoor to be taken over by Russians and Chinese and North Koreans, and there is Hezbollah in Iran,” the Florida rep told reporters Wednesday.
“And finally, we have a president that gives a damn. So he’s going to use the power he’s got.”
Scott also said he had spoken to Venezuelan leader of the opposition Maria Machado Tuesday.
“I think what they’re trying to do is make sure there is a transition that doesn’t end up in, bloodshed,” he said.
“And so I think we’ll get to, a free and fair elections. But in the meantime, Delcy Rodriguez is either going to cooperate or she’s going to end up in prison or something else.”
Rodriguez was sworn in as the country’s interim president Monday.
Watch: UK will not stand by as 'malign activity increases' at sea, Healey vows after Venezuela tanker seized
Wednesday 7 January 2026 22:00 , Mike BediganMore details on the second seized tanker
Wednesday 7 January 2026 21:43 , Mike BediganUS Homeland Security boss Kristi Noem identified the second tanker seized by the US Wednesday as the Motor Tanker Sophia.
A ship named M Sophia is on the U.S. sanctions list for moving illicit cargos of oil from Russia.
The ship is currently “running dark,” not having transmitted location data since July. Tankers involved in smuggling often turn off their transponders or broadcast inaccurate data to hide their true locations.
Samir Madani, the co-founder of TankerTrackers.com, said his organization had used satellite imagery and surface-level photos to document that at least 16 tankers had left the Venezuelan coast since Saturday, after the U.S. captured Venezuelan president Nicolas Maduro.
The M/T Sophia is one of those ships, Madani said, citing a recent photo showing the tanker located in the waters near Jose Terminal, Venezuela’s main oil export hub.
Trump’s Energy Department outlines new policies for Venezuelan oil
Wednesday 7 January 2026 21:23 , The Associated PressDonald Trump’s administration is “selectively” removing sanctions to enable the shipping and sale of Venezuelan oil to markets worldwide, according to an outline of the policies published Wednesday by the Energy Department.
The oil sales are slated to begin immediately with the sale of 30 million to 50 million barrels from the South American country, and “will continue indefinitely,” the outline says.
Proceeds will settle in U.S. controlled accounts at “globally recognized banks” and then be disbursed to the U.S. and Venezuelan populations at the “discretion” of the Trump administration, it says.
Venezuelan oil company says it is negotiating with Trump administration
Wednesday 7 January 2026 20:57 , Mike BediganA Venezuelan state-owned oil company says it's negotiating with the Trump administration to let it sell the country's oil, according to The Associated Press.
Further details about the company or the negotiations were not immediately available.
UK Defence Sec says tanker had 'long history of nefarious activity'
Wednesday 7 January 2026 20:44 , Mike BediganIn his statement to the House of Commons, UK Defence Secretary John Healey said the vessel had "refused to comply with the US's exercise of its sanctions jurisdiction on 20 December, after which the US Coast Guard vessel Monroe pursued the ship across the Atlantic.”
"This is a sanctioned, stateless vessel which carries a long history of nefarious activity and shares close links with both Iran and Russia,” he said.
UK Defense Sec hails 'huge courage' of US forces in tanker capture
Wednesday 7 January 2026 20:05 , Mike BediganThe UK's defence secretary John Healey said US forces showed "huge courage" during an operation to seize the Marinera, a Russian-flagged vessel carrying oil in breach of international sanctions.
Speaking to the House of Commons, Mr Healey said the UK supported the operation at the request of President Trump as part of "global efforts to crack down on sanctions-busting and shadow shipping activity".
Earlier on Wednesday the Ministry of Defense said the supply ship RFA Tideforce and RAF surveillance aircraft assisted the US operation to seize the tanker, also known as the Bella 1.
"The operation is ongoing but the Bella 1 is now under control of US forces, who demonstrated huge courage in dangerous and deteriorating Atlantic conditions.
"We supported this action to achieve three objectives: to enforce counter-Iran sanctions, tackle the global security threat posed by expanding shadowy maritime activity and to reinforce British homeland security in this era of rising threats."
Trump on collision course with Putin after US seizes Russian-flagged oil tanker
Wednesday 7 January 2026 19:45 , Mike BediganUS forces have seized a Russian-flagged oil tanker in the Atlantic in a dramatic move that could put Donald Trump on a collision course with Vladimir Putin.
The UK later revealed British armed forces provided support to the US’s capture of the Marinera, a Venezuelan-linked vessel previously known as Bella-1, as it travelled north and eastwards through the waters between Iceland and Scotland on Wednesday.
Tara Cobham has more:
Trump on collision course with Putin after US seizes Russian-flagged oil tanker
Russia demands humane treatment of its citizens on the seized tanker
Wednesday 7 January 2026 19:33 , The Associated PressThe Russian Foreign Ministry said it’s “closely following” reports about U.S. forces boarding the Marinera tanker and that it has information about Russian nationals among the crew.
“Taking into account the incoming information about Russian citizens among the crew, we demand that the American side ensure humane and dignified treatment of them, strictly respect their rights and interests, and not hinder their speedy return to their homeland,” the ministry said in a statement carried by Russia’s state news agencies Tass and RIA Novosti earlier Wednesday.
Separately, senior Russian lawmaker Andrei Klishas on Wednesday decried the U.S. action against the tanker as “blatant piracy” in an online statement.
Map of Marinera tanker seizure
Wednesday 7 January 2026 19:24 , Mike Bedigan
Hegseth defends oil tanker seizures
Wednesday 7 January 2026 19:09 , Mike BediganEarlier Wednesday, US Defense Secretary Pete Hegseth told reporters that the “leverage” of seizing sanctioned or stateless oil tankers out of Venezuela will continue.
“Our military is prepared to continue this,” Hegseth said. “The president when he speaks, he means it. He’s not messing around. We are an administration of action to advance our interests, and that is on full display.”
The comments came after Hegseth and Secretary of State Marco Rubio briefed lawmakers about the US’s recent military action in Venezuela.
