Global oil prices fell on Wednesday and China denounced the US as a bully after President Donald Trump's administration said it had persuaded Venezuela to divert supplies from Beijing and import up to $2 billion worth of embargoed crude. "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!" Crude prices fell around 1.0 per cent on world markets due to anticipated increased supplies. "These actions seriously violate international law, gravely infringe upon Venezuela's sovereignty, and severely damage the rights of the Venezuelan people." Trump appears to be calculating that it is better for stability in Venezuela to work with Maduro's senior allies for now.

Source: The Telegraph January 07, 2026 11:29 UTC