Opec+ to halt output hikes
WASHINGTON: US President Donald Trump announced on Truth Social that Venezuela’s interim authorities will transfer 30-50 million barrels of high-quality oil—valued at around $2.8 billion—to the United States.
The oil will be sold at market price, with Trump personally controlling the funds to “benefit the people of Venezuela and the United States.” The move follows a US military operation that removed Nicolás Maduro, who was extradited to face drug-trafficking charges, and the swearing-in of former vice-president Delcy Rodríguez as interim leader.
Trump claimed American oil companies could restart Venezuela’s industry within 18 months, tapping the world’s largest reserves of 303 billion barrels to lower global prices. He accused Maduro’s regime of stealing US oil assets.
However, analysts remain skeptical, estimating restoration could cost tens of billions and take a decade due to decayed infrastructure and heavy crude type. Major US firms like Chevron and ConocoPhillips are monitoring but cautious, citing needs for stability and past nationalizations. Historical disputes include unpaid compensation from 2007 expropriations
Read More News on Latest Malaysia
Read More News on Business News Malaysia
Read More News on SG Business News
Read More News on World Future TV
Fomca urges government transparency on Budget 2026 cuts, warning healthcare reductions could harm patients, staff,…
PETRONAS and ENEOS renew LNG partnership, securing 10% stake in MLNG Tiga to strengthen energy…
UAE exits OPEC+, weakening spare capacity control and signaling shift toward capacity-driven competition, raising volatility…
Dunlop launches EV-ready tyres under Toyotsu Binter, strengthening Malaysian presence with new products, dealer expansion,…
The FOMC maintained that US economic activity continued to expand at a “solid” pace. Growth…
Finance Ministry raises RON97 and RON95 prices, keeps diesel unchanged, urges prudent fuel use amid…
This website uses cookies.