(Photo by Jim WATSON / AFP)The United States has imposed a new set of conditions on Venezuela as part of efforts to reopen and expand its oil production and exports, demanding that Caracas reduce its strategic and economic ties with China, Russia, Iran and Cuba. Senator Roger Wicker, chairman of the US Senate Armed Services Committee, told ABC that the US aims to control Venezuelan oil arrangements through diplomatic and economic measures rather than through a military deployment. President Donald Trump has said Venezuela will transfer between 30 million and 50 million barrels of oil to the United States, to be sold at market prices with proceeds managed by Washington. Venezuela, which holds the world’s largest proven oil reserves, saw its output and exports plunge over recent years due to economic turmoil and sanctions. Prior to recent developments, China had been a major creditor and buyer of Venezuelan crude, underpinning extensive financial ties between Beijing and Caracas.

Source: Punch January 07, 2026 17:09 UTC