Foreign embassies in Venezuela are beginning to arrange visits for next week that will include representatives forUS and European oil companies, two sources told Reuters, following Washington's announcement ‌of a US$2 billion oil deal and the supply of US goods to the South American country. The Trump administration has invited the bosses of commodity trading houses Vitol and Trafigura to the White House on Friday for talks on ‍marketing Venezuelan oil, four sources familiar with the matter told Reuters. India's Reliance ‍Industries, operator of the world's largest refining complex, said it will consider buying Venezuelan oil if permitted for sale to non-US buyers. Venezuela produces about 1% of the world's oil supply. But depending on how the situation evolves, Iranian oil exports – equating to 2% of global supply – could be at risk," said Pavel Molchanov, investment strategy analyst ‍at Raymond James.

Source: The Star January 09, 2026 01:34 UTC