Is the United States after Venezuela’s oil?

The flame from a chimney at an oil refinery is seen along the highway between El Furrial and Maturin in Monagas state, Venezuela, April 7, 2023. (AFP)
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Updated 23 December 2025
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Is the United States after Venezuela’s oil?

  • Companies from the US have pumped Venezuelan crude from the first discoveries there in the 1920s
  • Venezuela exports about 500,000 barrels per day on the black market, mainly to China and other Asian countries

CARACAS: As US forces deployed in the Caribbean have zoned in on tankers transporting sanctioned Venezuelan oil, questions have deepened about the real motivation for Donald Trump’s pressure campaign on Caracas.
Is the military show of force really about drug trafficking, as Washington claims? Does it seek regime change, as Caracas fears? Could it be about oil, of which Venezuela has more proven reserves than any other country in the world?
“I don’t know if the interest is only in Venezuela’s oil,” Brazil’s leftist President Luiz Inacio Lula da Silva, who has offered to mediate in the escalating quarrel, said last week.
The US president himself has accused Venezuela of taking “all of our oil” and said: “we want it back.”
What we know:

- Oil ties -

Companies from the United States, now the world’s leading oil producer, have pumped Venezuelan crude from the first discoveries there in the 1920s.
Many US refineries were designed, and are still geared, specifically for processing the kind of heavy crude Venezuela has in spades.
Until 2005, Venezuela was one of the main providers of oil to the United States, with some monthly totals reaching up to 60 million barrels.
Things changed dramatically after socialist leader Hugo Chavez took steps in 2007 to further nationalize the industry, seizing assets belonging to US firms.

- And now? -

Down from a peak of more than three million barrels per day (bpd) in the early 2000s, Venezuela today produces about a million barrels per day — roughly two percent of the global total.
US firm Chevron extracts about 10 percent of the total under a special license.
Chevron is the only company authorized to ship Venezuelan oil to the United States — an estimated 200,000 barrels per day, according to a Venezuelan oil sector source.
The South American country’s domestic industry has declined sharply due to corruption, under-investment and US sanctions in place since 2019.
Analysts say the high investment required to rebuild Venezuela’s crumbling oil rigs would be unappetizing for US firms, given the steady global supply and low prices.
According to Carlos Mendoza Potella, a Venezuelan professor of petroleum economics, Washington’s actions were likely “not just about oil” but rather about the United States “claiming the Americas for itself.”
“It’s about the division of the world” between the United States and its rivals, Russia and China,” he added.
Venezuela exports about 500,000 barrels per day on the black market, mainly to China and other Asian countries, according to Juan Szabo, a former vice president of state oil company PDVSA.

- Blockade -

Trump on December 16 announced a blockade of sanctioned oil vessels sailing to and from Venezuela.
Days earlier, US forces seized the M/T Skipper, a so-called “ghost” tanker transporting over a million barrels of Venezuelan oil, reportedly destined for Cuba.
Washington has said it intends to keep the oil, valued at between $50 and $100 million.
Over the weekend, the US Coast Guard seized the Centuries, identified by monitoring site TankerTrackers.com as a Chinese-owned and Panama-flagged tanker.
An AFP review did not find the Centuries on the US Treasury Department’s sanctions list, but the White House said it “contained sanctioned PDVSA oil” — some 1.8 million barrels of it.
On Sunday, officials said the Coast Guard was pursuing a third tanker, identified by news outlets as the Bella 1 — under US sanctions because of alleged ties to Iran.
The PDVSA insists its exports remain unaffected by the blockade.
This was critical, according to Szabo, as the company only has capacity to store oil for several days if exports stop.

- Impact -

Whatever Trump’s goal with Venezuelan oil, the blockade, if it continues, is likely to scare off shipping companies and push up freight rates.
Szabo expects Venezuela’s oil exports will fall by nearly half in the coming months, slashing critical foreign currency income from Venezuela’s black market sales.
This would asphyxiate the already struggling economy of Venezuela, piling more pressure on Nicolas Maduro.
The Trump administration has tip-toed around explicitly demanding for Maduro to leave.
While Trump has said he does not anticipate “war” with Venezuela, he did say Maduro’s days “are numbered.”
US Homeland Security Secretary Kristi Noem told Fox News on Monday that the oil tanker seizures send “a message around the world that the illegal activity that Maduro’s participating in cannot stand, he needs to be gone.”


Agonizing wait as Switzerland works to identify New Year’s fire victims

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Agonizing wait as Switzerland works to identify New Year’s fire victims

  • Authorities begin moving bodies from burned-out bar in luxury ski resor Crans-Montana
  • At least 40 people were killed in one of Switzerland's worst tragedies
CRANS-MONTANA, Switzerland: Families endured an agonizing wait for news of their loved ones Friday as Swiss investigators rushed to identify victims of a ski resort fire at a New Year’s celebration that killed at least 40 people.
Authorities began moving bodies from the burned-out bar in the luxury ski resort town Crans-Montana late Friday morning, with the first silver-colored hearse rolling into the funeral center in nearby Sion shortly after 11:00 am (1000 GMT), AFP journalists saw.
Around 115 people were also injured in the fire, many of them critical condition.
As the scope of the tragedy — one of Switzerland’s worst — began to sink in, Crans-Montana appeared enveloped in a stunned silence.
“The atmosphere is heavy,” Dejan Bajic, a 56-year-old tourist from Geneva who has been coming to the resort since 1974, told AFP.
“It’s like a small village; everyone knows someone who knows someone who’s been affected,” he said.
It is not yet clear what set off the blaze at Le Constellation, a bar popular with young tourists, at around 1:30 am (0030 GMT) Thursday.
Bystanders described scenes of panic and chaos as people tried to break the windows to escape and others, covered in burns, poured into the street.

‘Screaming in pain’

Edmond Cocquyt, a Belgian tourist, told AFP he had seen “bodies lying here, ... covered with a white sheet,” and “young people, totally burned, who were still alive... Screaming in pain.”
The exact death toll was still being established.
And it could rise, with canton president Mathias Reynard telling the regional newspaper Wallizer Bote that at least 80 of the 115 injured were in critical condition.
Swiss authorities warned it could take days to identify everyone who perished, an agonizing wait for family and friends.
Condolences poured in from around the world, including from Pope Leo XIV, who offered “compassion and solidarity” to victims’ families.
Online, desperate appeals abound to find the missing.
“We’ve tried to reach our friends. We took loads of photos and posted them on Instagram, Facebook, all possible social networks to try to find them,” said Eleonore, 17. “But there’s nothing. No response.”

‘The apocalypse’

The exact number of people who were at the bar when it went up in flames remains unclear.
Le Constellation had a capacity of 300 people, plus another 40 people on its terrace, according to the Crans-Montana website.
Swiss President Guy Parmelin, who took office on Thursday, called the fire “a calamity of unprecedented, terrifying proportions” and announced that flags would be flown at half-mast for five days.
“We thought it was just a small fire — but when we got there, it was war,” Mathys, from the neighboring village of Chermignon-d’en-Bas, told AFP. “That’s the only word I can use to describe it: the apocalypse.”
Authorities have declined to speculate on what caused the tragedy, saying only that it was not an attack.
Several witness accounts, broadcast by various media, pointed to sparklers mounted on champagne bottles and held aloft by restaurant staff as part of a regular “show” for patrons.

‘Dramatic’

Pictures and videos shared on social media also showed sparklers on champagne bottles held into the air, as an orange glow began spreading across the ceiling.
One video showed the flames advancing quickly as revellers initially continued to dance.
One young man playfully attempted to extinguish the flames with a large white cloth, but the scene became panic-stricken as people scrambled and screamed in the dark against a backdrop of smoke and flames.
The canton’s chief prosecutor, Beatrice Pilloud, said investigators would examine whether the bar met safety standards.
Red and white caution tape, flowers and candles adorned the street outside, while police shielded the site with white screens.
Italian Foreign Minister Antonio Tajani, who said 13 Italians had been injured in the fire, and six remained missing, was among those to lay flowers at the site.
The French foreign ministry said nine French citizens figured among the injured, and eight others remained unaccounted for.
After emergency units at local hospitals filled, many of the injured were transported across Switzerland and beyond.
Patients are being treated in Italy, France and Germany, and Polish Prime Minister Donald Tusk said his country was ready to provide “specialized medical care to 14 injured.”
Multiple sources told AFP the bar owners were French nationals: a couple originally from Corsica who, according to a relative, are safe, but have been unreachable since the tragedy.