Separately, the market is also watching Chinese demand for fuel oil, a possible alternative to Venezuelan crude. Trump said at a press conference on Saturday that the sanctions on the country’s oil industry would remain in place. US sanctions on state producer Petroleos de Venezuela SA saw most nations — apart from China — shun the country’s oil, although Chevron Corp was allowed to keep operating in Venezuela. Chinese oil majors Sinopec and China National Petroleum Corp also have legacy claims to develop Venezuelan oil reserves, Morgan Stanley said in a note that cited Wood Mackenzie Ltd. However, Trump’s pledge that US companies would rebuild the country’s oil industry raises major doubts over whether the Chinese firms will have any role to play.

Source: The Edge Markets January 05, 2026 05:09 UTC