U.S. President Donald Trump on Sunday threatened military action against Colombia's government, telling reporters that such an operation "sounds good to me." "Colombia is very sick, too, run by a sick man, who likes making cocaine and selling it to the United States, and he's not going to be doing it very long," Trump told reporters aboard Air Force One, in an apparent reference to Colombia's President Gustavo Petro. Asked directly whether the U.S. would pursue a military operation against [Read more]
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Venezuela’s oil and mining sectors: large potential, weak infrastructure
Following are key facts about the oil and mining sectors of Venezuela, whose President Nicolas Maduro was captured by U.S. forces on Saturday, according to U.S. President Donald Trump. RESERVES Venezuela has the world's largest estimated oil reserves but its crude output remains at a fraction of capacity due to decades of mismanagement, lack of investment and sanctions, official data shows. Venezuela holds about 17% of global reserves or 303 billion barrels, ahead of Organization of the [Read more]
US pushes oil majors to invest big in Venezuela if they want to recover debts
White House and State Department officials have told U.S. oil executives in recent weeks that they would need to return to Venezuela quickly and invest significant capital in the country to revive the damaged oil industry if they wanted compensation for assets expropriated by Venezuela two decades ago, according to two people familiar with the outreach. In the 2000s, Venezuela expropriated the assets of some international oil companies that declined to give state-run oil company PDVSA increased [Read more]
Trump bets on intimidation to force Venezuelan leaders into line
After removing President Nicolas Maduro from power, the Trump administration is gambling that it can intimidate the Venezuelan leader's inner circle into toeing the U.S. line with threats of further military action that could put them at risk of a similar fate, according to sources familiar with the matter. President Donald Trump’s advisers also believe they may be able to work behind the scenes with Interim President Delcy Rodriguez who, despite her public defiance, is seen as a technocrat who [Read more]
Canada’s oil sector shouldn’t panic, stay competitive after Maduro’s seizure: expert
EDMONTON - A political scientist says U.S. President Donald Trump's interest in transforming Venezuela's oil-rich sector is a reminder for Canada's oil and gas industry to not panic and stay competitive. Heather Exner-Pirot, director of energy, natural resources and environment with the think-tank Macdonald-Laurier Institute, says Canada has always competed with other oil-rich countries, and Trump's recent claims his country will "run" oil-rich Venezuela is a medium-term risk to Canada. She [Read more]
Oil prices likely to move higher on Venezuelan turmoil, ample supply to cap gains
Oil prices are likely to move higher when benchmark futures resume trading later on Sunday on concern that supply may be disrupted after the United States snatched Venezuelan President Nicolas Maduro from Caracas at the weekend and President Donald Trump said Washington would take control of the oil-producing nation. There is plentiful oil supply in global markets, meaning any further disruption to Venezuela's exports would have little immediate impact on prices, analysts said. The U.S. strike [Read more]
Investors face more geopolitical whiplash from Trump’s Venezuela gamble
Global investors are facing a fresh surge in geopolitical risk after the U.S. capture of Venezuelan President Nicolas Maduro, a move that could unlock the nation's vast oil reserves and boost risky assets over the longer-term but prompt a flight to safety when trading resumes. President Donald Trump said the U.S. would take control of the oil-producing nation, while Maduro, whom the U.S. has repeatedly accused of running a "narco-state" and rigging elections, was in a New York detention centre [Read more]
US oil refiners win, Chinese rivals lose in Trump’s Venezuela strike: Bousso
The U.S. military’s ouster of Venezuelan President Nicolás Maduro is set to swiftly reroute the country’s oil exports back toward the United States – and away from China. That will give U.S. refiners an immediate boost, but President Donald Trump’s plans to revive production in the Latin American country may be slower to materialize. Speaking on Saturday after announcing Maduro’s arrest on Truth Social, Trump said he would maintain the U.S. embargo on exports of sanctioned Venezuelan crude [Read more]
Russia’s Medvedev says Trump’s actions in Venezuela are unlawful but consistent
Dmitry Medvedev, deputy chairman of Russia's Security Council, said on Sunday that the actions of U.S. President Donald Trump in Venezuela were unlawful but consistent because he was defending U.S. interests, TASS news agency reported. "It must be acknowledged that, despite the obvious unlawfulness of Trump's behaviour, one cannot deny a certain consistency in his actions. He and his team defend their country's national interests quite harshly," he told TASS. Medvedev said Latin America [Read more]
Trump says US will run Venezuela after Maduro seized
Venezuela's toppled leader Nicolas Maduro was in a New York detention center on Sunday awaiting drug charges after President Donald Trump ordered an audacious raid to capture him, saying the U.S. would take control of the oil-producing nation. The image of the 63-year-old Maduro blindfolded and handcuffed en route to the U.S. has stunned Venezuelans and was Washington's most controversial intervention in Latin America since the invasion of Panama 37 years ago. He is due to appear in a [Read more]
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