US–Venezuela oil pact angers China, cools prices
Global oil prices slipped after President Donald Trump confirmed a deal for the United States to import up to 2 billion dollars worth of Venezuelan crude that had been blocked by sanctions.The plan would redirect an estimated 30 to 50 million barrels of stranded Venezuelan oil to US refiners, boosting supply and easing market pressure. China, once Venezuela’s main oil customer, criticised the move as economic coercion and accused Washington of effectively hijacking cargoes previously tied to Chinese interests.Analysts say the shift could undercut Chinese refiners that relied on discounted Venezuelan crude and weaken Beijing’s long standing energy relationship with Caracas. Trump has presented the deal as a win for American motorists and Venezuelans, arguing it will lower fuel costs while putting Caracas’ oil revenues under tighter US control.Uncertainty remains over how long the arrangement will last and how it […]