Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of U.S. energy majors wary of credit and legal risks and securing a potentially lucrative business opportunity in the country with the world's largest crude reserves. U.S. President Donald Trump said U.S. majors would invest billions of dollars in Venezuela to quickly rebuild its dilapidated oil sector following the U.S. capture of President Nicolas Maduro earlier in January. [Read more]
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Big Oil offers reality check to Trump’s Venezuela dream: Bousso
Big Oil companies have injected a heavy dose of realism into U.S. President Donald Trump's plan to rapidly invest billions in Venezuela, pointing to complex security, commercial and legal requirements to revitalize the country’s crumbling oil industry. On the face of it, Friday's televised White House meeting with the leadership of major U.S. and European oil producers was a win for the U.S. president. It projected a sense of urgency, coming less than a week after the ouster of Venezuela’s [Read more]
Concerned Shareholders Respond to Recent News Release by Tuktu Resources Ltd.
Calgary, Alberta--(Newsfile Corp. - January 9, 2026) - The press release issued by Tuktu Resources Ltd. (TSXV: TUK) ("Tuktu" or the "Company") dated January 7, 2026 (the "Press Release"), in our opinion, is further evidence of the lack of understanding by the Tuktu Board of Directors (the "Board") and current management regarding the development of the assets of the Company and exploratory plays such as the upper Banff. Tuktu's current management is proposing to allocate the Company's [Read more]
Goldman projects lower oil prices in 2026 as supply swells
Oil prices are likely to drift lower this year as a wave of supply creates a market surplus, although geopolitical risks tied to Russia, Venezuela and Iran will continue to drive volatility, Goldman Sachs said in a note on Sunday. The investment bank maintained its 2026 average price forecasts of $56/$52 per barrel for Brent/WTI, and expects Brent/WTI prices to bottom at $54/50 in the last quarter as OECD inventories build up. "Rising global oil stocks and our forecast of a 2.3mb/d surplus [Read more]
Oil steady, investors weigh Venezuela export resumption versus potential Iran supply disruption
Oil prices were little changed on Monday as investors eyed potential supply disruptions from OPEC producer Iran amid intensifying protests, although efforts to quickly resume oil exports from Venezuela kept a lid on prices. Brent crude futures slipped 5 cents to $63.29 a barrel by 0131 GMT while U.S. West Texas Intermediate crude was at $59.06 a barrel, down 6 cents. Both contracts rose more than 3% last week to clinch their biggest weekly rise since October as Iran's clerical establishment [Read more]
Trump says he might keep Exxon out of Venezuela
U.S. President Donald Trump said on Sunday that he might block Exxon Mobil from investing in Venezuela after the oil major's CEO called the country "uninvestable" during a White House meeting last week. Exxon CEO Darren Woods told Trump that the Venezuelan market is "uninvestable" in its current state. Venezuela seized Exxon's and Conoco's assets in 2007, and Caracas owes the companies billions of dollars in outstanding claims from arbitration cases. "We've had our assets seized there [Read more]
Trump delivers oil warning, suggesting Cuba should strike a deal with US
U.S. President Donald Trump on Sunday suggested Cuba should strike a deal with Washington, warning that the island nation would no longer receive oil or money from Venezuela. Venezuela is Cuba's biggest oil supplier, but since the capture of Venezuelan President Nicolas Maduro by U.S. forces, Trump has successfully pressed interim President Delcy Rodriguez to send Venezuelan oil to the United States. "THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA - ZERO! I strongly suggest they make a [Read more]
Chevron sees pathway to grow Venezuela production by 50%, US energy secretary says
U.S. Energy Secretary Chris Wright said on Friday that Chevron saw a pathway to grow its Venezuela production by 50%, with his comments coming after a meeting that President Donald Trump had with oil companies on the South American nation. Chevron "said with the actions that were taken and some additional things we can do for them,.. which is just permissions, approvals," Wright said. He added that the company sees "a pathway to grow their production by 50% in the next 18-24 months." Wright [Read more]
Discount on Western Canada Select narrows for first time since Maduro capture
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Friday for the first time since the U.S. capture of Venezuelan President Nicolas Maduro. WCS for February delivery in Hardisty, Alberta, settled at $14.80 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $15 on Thursday. The discount on heavy Canadian crude has grown by more than 12% in the wake of the Venezuelan situation, as an increase in [Read more]
Banks eye Venezuela investment, JPMorgan seen with advantage
The U.S. involvement in Venezuela's oil sector offers a potential opportunity for international banks, with JPMorgan Chase in an advantageous spot due to its history in the country and past involvement with international trade financing. A clutch of banks including JPMorgan and Citigroup have historically operated in the country, but reduced operations or pulled out in the last few decades. U.S. banks now, however, may have the potential to compete for opportunities in trade financing or [Read more]
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