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Trump To Sell 50 Mln Barrels Of Venezuelan Oil Amid Talks With Caracas
President Donald Trump on Tuesday unveiled a plan to refine and sell up to 50 million barrels of Venezuelan oil that had been stuck in Venezuela under U.S. blockade, in a further sign that Washington is coordinating with the Venezuelan government since capturing President Nicolas Maduro.
Maduro is in a New York jail awaiting drug charges after the Saturday morning raid that the U.S. estimates killed about 75 people, according to a Washington Post report citing officials familiar with the matter.
The U.S. has yet to report a death toll from an operation that reasserted U.S. willingness to intervene in Latin America with perhaps its most dramatic military operation since the 1989 invasion of Panama that seized Panamanian leader Manuel Noriega.
Nor has Caracas given a number for those killed, but the army posted a list of 23 names of its dead. Venezuelan officials have said a large part of Maduro’s security contingent was killed “in cold blood,” and Cuba has said 32 members of its military and intelligence services in Venezuela were killed. Venezuela’s interim President Delcy Rodriguez on Tuesday declared a week of mourning for members of the military killed in the raid.
The operation brought condemnation from Russia, China and Venezuela’s leftist allies, while allies of the United States have urged adherence to international law.
Maduro, 63, pleaded not guilty on Monday to narcotics charges. He said he was a “decent man” and still president of Venezuela, while standing in a Manhattan court shackled at the ankles and wearing orange and beige prison garb.
U.S. To Take Venezuelan Oil
While Venezuela’s political future remains uncertain amid U.S. claims that it will be running the South American country, for now, Trump appears to be working with Rodriguez and other senior officials from Maduro’s government, disappointing the opposition that had hoped to play a larger role.
Trump on social media announced that Venezuela would sell 30 million to 50 million barrels of sanctioned oil that would be shipped directly to the United States under a plan to be executed immediately by Energy Secretary Chris Wright.
“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” Trump said. Based on recent prices for Venezuelan oil, the deal could be worth up to $1.9 billion.
U.S. officials have yet to outline a legal framework for seizing Venezuelan oil, though the U.S. has accused Venezuelan tankers of breaking U.S. sanctions to ship Iranian and Venezuelan oil.
Trump has also suggested the U.S. would help rebuild the country’s oil infrastructure to benefit oil majors such as Exxon Mobil XOM.N and ConocoPhillips COP.N, which were affected by a Venezuelan oil nationalisation by former President Hugo Chavez, and Chevron Corp CVX.N, which has continued to operate there.
U.S. oil chief executives are expected to visit the White House as early as Thursday to discuss investments in Venezuela, according to three sources familiar with the planning.
Opposition Seeks Role
With the U.S. as its main ally, Venezuela would become the energy hub of the Americas, restore the rule of law, open markets and bring home exiles, opposition leader and Nobel Peace Prize winner Maria Corina Machado said in an interview on Monday with Fox News.
Trump has, however, been told by the CIA that Rodriguez and other senior officials from Maduro’s government are the best bet to maintain stability, sources said. The classified assessment was one reason why Trump decided to back Rodriguez instead of opposition leader Machado, the sources said.
Machado, who said she wants to return to Venezuela to lead the country, said Rodriguez was “nothing like a moderate,” and had been one of the main architects of Venezuelan repression.
“I think it’s evident the United States has instructed her to take certain actions regarding further dismantling of the criminal structure as a path forward towards a complete transition to democracy in Venezuela,” Machado told CBS News in a separate interview on Tuesday.
The Trump administration has put hardline Interior Minister Diosdado Cabello on notice that he could be at the top of its target list unless he helps Rodriguez meet U.S. demands and keep order, according to three people familiar with the matter.
Cabello, who controls security forces accused of widespread human rights abuses, is one of a handful of Maduro loyalists that Trump has decided to rely on as temporary rulers to maintain stability during a transition period, said one source briefed on the administration’s thinking. Cabello has been on the streets of Venezuela, patrolling with security forces.
“Always loyal, never traitors. Doubt is betrayal!” they chanted in one of several overnight social media posts by the Venezuelan government.
The U.S. is also pressuring the interim Venezuelan government to expel official advisers from China, Russia, Cuba and Iran, the New York Times reported, citing anonymous U.S. officials. Secretary of State Marco Rubio listed the Trump administration’s demands in a classified meeting on Monday with senior congressional leaders, the Times said. Reuters could not immediately verify the report.
Since the seizure of Maduro, Venezuelan authorities have ordered the arrest of anyone who collaborated.
Fourteen media workers were briefly detained covering events in Caracas on Monday, and shots were fired on Monday night into the sky above the city, which a Venezuelan official said came from police to deter unauthorised drones.
“There was no confrontation; the entire country remains completely calm,” Vice Minister of Communications Simon Arrechider told reporters.
(with inputs from Reuters)
Japan: China’s Dual-Use Export Ban ‘Unacceptable’; Rare Earths In Crosshairs
Japan’s top government spokesperson said on Wednesday that China’s ban on exports of dual-use items to the country was “absolutely unacceptable and deeply regrettable”, as a diplomatic dispute between Asia’s top two economies ramped up.
Dual-use items are goods, software or technologies that have both civilian and military applications, including certain rare earth elements that are essential for making drones and chips.
Takaichi’s Remarks
Japanese Prime Minister Sanae Takaichi touched off the dispute with Beijing late last year by saying a Chinese attack on democratically governed Taiwan could be deemed an existential threat to Japan. China regards Taiwan as part of its territory, a claim the island rejects.
Beijing has demanded she retract the remarks, which she has not done, prompting a series of countermeasures, the latest of which was Tuesday’s ban on exports of dual-use items for military use.
“A measure such as this, targeting only our country, differs significantly from international practice, is absolutely unacceptable and deeply regrettable,” Japan’s Chief Cabinet Secretary Minoru Kihara told a daily press conference on Wednesday.
He declined to comment on the possible impact on Japanese industry, saying it remained unclear exactly what items would be targeted.
The reaction from markets to the news was relatively muted, though Japanese shares were lower on Wednesday, bucking a global trend that carried U.S. and European benchmarks to record highs.
Japan’s broad Topix gauge of equities slid 0.55%, with a subindex of mining shares leading declines, down 3.2%.
Rare Earth Restrictions Next?
China Daily, a newspaper owned by the ruling Chinese Communist Party, reported on Tuesday that Beijing was considering tightening the license review of rare earth exports to Japan more broadly, citing sources with knowledge of the matter.
Such a move could have sweeping implications for the manufacturing powerhouse, including its key automotive sector, analysts say.
While Japan has sought to diversify its supply of rare earths since China last throttled exports of the minerals in 2010, around 60% of its imports still come from China.
A three-month curb on Chinese exports of rare earths, like that seen during 2010, could cost Japanese businesses 660 billion yen ($4.21 billion) and shave 0.11% of annual gross domestic product, Nomura Research Institute economist Takahide Kiuchi said in a note on Wednesday.
A year-long ban would knock 0.43% off GDP, he added.
So far, China Customs data has shown no sign of a decline in rare earth exports to Japan, though the data is released with some delay. In November, the latest month for which there was data, exports grew 35% to 305 metric tons, the highest tally last year.
(with inputs from Reuters)
Iran: Rights Groups Say At Least 25 Dead In Protests
At least 25 people have been killed in Iran during the first nine days of protests that started in the bazaar of Tehran over the plunging value of the currency and soaring inflation, according to rights groups.
The protests have spread to some cities in western and southern Iran but do not match the scale of unrest that swept the nation in 2022-23 over the death of Mahsa Amini, who died in the custody of Iran’s morality police for allegedly violating the Islamic Republic’s strict dress code.
However, even though smaller, these protests have quickly expanded from an economic focus to broader frustrations, with some protesters chanting against the country’s clerical rulers.
Over 1,000 Arrested
Iran also remains under international pressure, with U.S. President Donald Trump threatening on Friday to come to the aid of protesters in Iran if security forces fired on them. In response, Iran’s Supreme Leader Ayatollah Ali Khamenei vowed not to “yield to the enemy”.
Hengaw, a Kurdish Iranian rights group, put the death toll at 25, including four people under 18. It said more than 1,000 people had been arrested. HRANA, a network of rights activists, said at least 29 had been killed, including two law enforcement agents, in addition to 1,203 arrests, as of January 5.
Reuters has not been able to independently verify the numbers. Iranian authorities have not given a death toll for protesters, but have said at least two members of the security services have died and more than a dozen have been injured in the unrest.
“While drawing a distinction between protesters and rioters, law enforcement has dealt with strength against rioters by arresting them on the scene or later following identification by intelligence units,” Iran’s police chief Ahmadreza Radan was quoted by state media on Tuesday as saying.
“I pledge that we will deal with the last of these rioters. It is still time for those who were deceived by foreign services to identify themselves and draw on the Islamic Republic’s greatness.”
Government Promises Reforms
HRANA said that during the protests, slogans have gone beyond economic demands and included criticism of governance and calls for justice. Protests have so far occurred in 27 provinces out of 31 and expanded to smaller cities, it said.
Authorities have acknowledged economic hardships but accused networks linked to foreign powers of “pushing economic protests toward chaos and disorder”, with the judiciary chief pledging to have no mercy toward “rioters”.
President Masoud Pezeshkian has urged dialogue and promised reforms to stabilise the monetary and banking systems and protect purchasing power.
The government has announced a subsidy reform, removing preferential currency exchange rates for importers in favour of direct transfers to Iranians to boost their purchasing power for essential goods. The measure will come into force on January 10.
The central bank chief was also replaced on December 29.
The rial fell further to 1,489,500 on Tuesday, representing a 4% fall since the protests started.
(with inputs from Reuters)
Swiss Ski Resort Fire: No Safety Inspections Since 2019
No safety inspections were carried out since 2019 at the Swiss ski resort bar that burst into flames at New Year, killing 40 people, the mayor of the ski resort of Crans-Montana said on Tuesday.
Most of the victims of the blaze that tore through the “Le Constellation” bar in the early hours of January 1 were teenagers, and Swiss authorities have been scrambling to find answers as to how the disaster occurred.
“We are profoundly sorry. We did not have an indication that the checks had not been done,” Crans-Montana Mayor Nicolas Feraud told reporters on the absence of fire checks between 2020-2025 at the bar in the canton of Valais.
Prosecutors have said the fire that spread rapidly in the early hours of January 1 was likely caused by sparkling candles igniting the ceiling of the bar’s basement, which was covered in a foam material used for soundproofing.
Annual Inspections Required
Feraud said fire inspections should be carried out annually in the town’s bars, and that the last one in 2019 at “Le Constellation” had been positive.
The soundproof foam on its ceiling was considered acceptable at the time, and a fire alarm was not required due to the bar’s size, he added.
“There were never any checks on this soundproofing foam. Our security agents did not consider it necessary,” Feraud said.
Sparkler candles have now been banned inside the town’s venues, he said.
Authorities are investigating the two people who ran the Swiss ski resort bar on suspicion of crimes, including homicide by negligence. On Sunday, police said circumstances did not currently merit them being put under arrest, and they did not see a flight risk.
Feraud said authorities had closed another venue run by the bar’s operators.
(with inputs from Reuters)
Afghanistan Trade Holds Steady Despite Pakistan Border Closures
Afghanistan’s trade held firm in 2025 despite frequent shutdowns of major border crossings with Pakistan, commerce ministry figures revealed, as businesses increasingly turned to alternative routes through Iran and Central Asia.
The stability came even as tensions with Islamabad disrupted established transit corridors that have been landlocked Afghanistan’s main gateway to seaports for decades.
Diversification of Routes
To offset these disruptions, Afghan traders sought new pathways that reduced exposure to political standoffs and border closures. Traders instead moved cargo through Iran’s Chabahar port and expanded their overland shipments via Uzbekistan, Turkmenistan and Tajikistan, cushioning the impact of delays and political uncertainty.
Growth and Strategic Shifts
Total trade — the value of exports and imports combined — rose from the previous year to nearly $13.9 billion in 2025, according to the commerce ministry. Exports stood at roughly $1.8 billion, broadly steady year on year, while imports increased to just over $12.1 billion.
India, Pakistan and several Central Asian states remained among Afghanistan’s largest export destinations with shipments dominated by dried fruit, coal, carpets, saffron and agricultural produce.
Imports continued to be led by fuel, machinery, food staples and industrial inputs, mainly from Iran, the United Arab Emirates, China and regional neighbours.
Afghanistan is accelerating efforts to reduce its reliance on Pakistan in the wake of border closures linked to security disputes. While Pakistan remains its fastest route to the sea, Afghan officials say diversifying its trade corridors has enabled commerce to continue even while relations with its eastern neighbour remain strained.
(With inputs from Reuters)
China Bans Dual-Use Exports To Japan Over Taiwan Remarks
Beijing announced Tuesday it will halt exports of dual-use goods to Japan that could serve military purposes, a move seen as retaliation for recent remarks by the Japanese prime minister regarding Taiwan, according to China’s commerce ministry.
Dual-use items are goods, software or technologies that have both civilian and military applications, including certain rare earth elements that are essential for making drones and chips.
Exports of such items to military users or for any purposes that contribute to Japan’s military strength are banned, the statement said, adding that organisations or individuals from any country or region that violated the ban would be held legally liable.
Rising Tensions Over Taiwan
Since Prime Minister Sanae Takaichi said a Chinese attack on the democratically governed island of Taiwan could be deemed an existential threat to Japan, ties between Beijing and Tokyo have deteriorated. Beijing said the remarks were “provocative.” China regards Taiwan as part of its territory, a claim that Taipei rejects.
The Chinese foreign ministry later questioned Japan’s motives around Taiwan, saying its “provocations” could be a pretext for building up its military forces and overseas missions.
In late December, the Japanese cabinet approved a record spending package for the fiscal year starting in April, including a 3.8% increase in the annual military budget to 9 trillion yen ($57.7 billion).
Rare Earths and Trade History
In a commentary in December, China’s state-run Xinhua news agency said it had been “alarming” in recent years that Japan had “drastically” readjusted its security policy, increased its defence spending year after year, relaxed restrictions on arms exports, sought to develop offensive weapons and planned to abandon its three non-nuclear principles.
China throttled exports of rare earths to Japan during a previous diplomatic dispute more than a decade ago. So far, China customs data have shown no sign of a decline in rare earth exports to Japan, though the data is released with some delay. In November, the latest month for which there was data, exports grew 35% to 305 metric tons, the highest tally last year.
(With inputs from Reuters)
Irish PM Aims to Deepen Economic Ties With China Amid EU Strains
Irish Prime Minister Micheál Martin will hold deeper trade discussions with China’s second-ranking official on Tuesday, aiming to bolster strategic ties with the world’s second-largest economy despite strained China–EU relations.
Martin’s scheduled meeting with Chinese Premier Li Qiang forms part of his five-day trip that he said would include “a significant economic dimension”, a clip posted on the Irish Taoiseach’s X handle on Monday evening showed.
Talks on Tariffs
The Irish leader was seen in the clip telling the media that he would discuss with Li in “greater detail” trade issues such as beef exports and China’s recently imposed tariffs on dairy, a day after a summit with Chinese President Xi Jinping.
“I discussed obviously the situation in terms of Irish beef exports into China, the tariff situation in respect of dairy products,” Martin said, adding that Xi “undertook to engage with Chinese officials in respect of those specific issues.”
EU-China Ties
Martin described his meeting with Xi on Monday as a “warm and constructive engagement”, covering a range of issues including bilateral and EU-China ties.
“On a broader level, I think the President was keen that Europe and China would have a broader framework to govern trade into the future,” he said.
Xi had told Martin during the meeting that China and the EU should “bear the long-term picture in mind”, according to state news agency Xinhua.
Ties between China and the EU have been tense since the EU imposed levies on Chinese electric vehicle imports in 2024. China has since retaliated with a series of measures including the latest tariffs on EU dairy products.
Last week, China also set import quotas and additional tariffs on beef imports from this year, a move affecting global exporters of the meat into the Asian country.
The first Taoiseach to visit China since 2012, Martin has recently downplayed the Irish intelligence agency’s portrayal of China as a “hostile state actor”, preferring instead to adopt a long-term and strategic understanding of China.
(With inputs from Reuters)
UN Warns Of Venezuela Instability Following U.S. Operation
On Monday, UN Secretary-General Antonio Guterres voiced worries about mounting instability in Venezuela following the U.S. capture of President Nicolás Maduro, though Washington emphasized it has no intention of occupying the Latin American nation.
The 15-member Security Council met at U.N. headquarters in New York just hours before Maduro was due to appear in a Manhattan federal court on drug charges including narco-terrorism conspiracy. Maduro has denied any criminal involvement.
No Occupation
U.S. Ambassador to the U.N. Mike Waltz told the Security Council U.S. carried out “a surgical law enforcement operation facilitated by the U.S. military against two indicted fugitives of American justice,” referring to Maduro and his wife Cilia Flores.
Venezuela’s U.N. Ambassador Samuel Moncada called the U.S. operation to capture Maduro “an illegitimate armed attack lacking any legal justification.” Moncada told the council that Venezuelan institutions are functioning normally, constitutional order has been preserved, and the state exercises effective control over all of its territory.
International Law
Guterres also expressed concern that the U.S. operation to capture Maduro in Caracas on Saturday did not respect the rules of international law. The U.N. Charter states that members “shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state.”
The United States has cited Article 51 of the U.N. Charter, which says that nothing “shall impair the inherent right of individual or collective self-defense if an armed attack occurs against a member of the United Nations.”
Russia, China and Colombia condemned the U.S. military operation as illegal. Most remaining council members did not directly criticize the United States and instead stated the importance of abiding by international law and the U.N. Charter.
Colombia, which requested Monday’s meeting, condemned the U.S. operation as a clear violation of the sovereignty, political independence and territorial integrity of Venezuela. Russia, China and Venezuela called on the United States to release Maduro and his wife.
(With inputs from Reuters)
Strong 6.2 Magnitude Earthquake Strikes Japan, No Tsunami Alert
An earthquake with a preliminary magnitude of 6.2 hit the western Chugoku region of Japan on Tuesday, followed by a series of sizeable aftershocks, the Japan Meteorological Agency(JMA) said.
The epicentre of the first earthquake was in eastern Shimane prefecture, the agency said, adding that there was no danger of a tsunami.
Chugoku Electric Power 9504.T, which runs the Shimane Nuclear Power Station about 32 km (20 miles) away, said operations were continuing as usual at its No.2 unit. Japan’s Nuclear Regulation Authority said there were no irregularities following the quake.
The plant’s No.2 unit restarted in December 2024 for the first time since all of Japan’s nuclear power plants were shut down in the aftermath of the March 2011 disasters in Fukushima.
The earthquake had a seismic intensity of upper-5 on Japan’s 1-7 scale, strong enough to make movement difficult without support.
Earthquakes are common in Japan, one of the world’s most seismically active areas. Japan accounts for about one-fifth of the world’s earthquakes of magnitude 6 or greater.
West Japan Railway 9021.T said it had suspended Shinkansen bullet-train operations between Shin-Osaka and Hakata following the quake.
More Quakes Possible
The Japan Times reported that the epicentre of the initial quake, which occurred at a depth of 10 kilometres, was recorded in eastern Shimane Prefecture. But shaking was felt across wide areas of western Japan, triggering early warning alerts on television broadcasts and mobile phones.
The report further added that the JMA observed Level 4 long-period ground motion — the strongest designation — in western Tottori. This marked the first time a Level 4 alert was observed in the prefecture, and it was the first Level 4 issued since the powerful January 2024 quake on the Noto Peninsula. People in tall buildings or on large bridges are advised to be vigilant when facing long-period ground motion, which causes a prolonged back-and-forth shaking, the agency said.
The JMA also warned that quakes measuring 5 or higher could occur over the next week, and especially during the next two or three days.
“Seismic activity is still active in the area. There is a possibility that a quake larger than a strong 5 will occur, so please remain vigilant,” said Ayataka Ebita, a JMA official in charge of the earthquake and tsunami division.
(with inputs from Reuters)
Trump Team Sets Meetings With Oil Firms Over Venezuela
The administration of President Donald Trump is planning to meet with executives from U.S. oil companies later this week to discuss boosting oil production in Venezuela after U.S. forces ousted its leader, Nicolas Maduro, according to a source familiar with the matter.
The meetings are crucial to the administration’s hopes of getting top U.S. oil companies back into the South American nation after its government, nearly two decades ago, took control of U.S.-led energy operations there.
The three biggest U.S. oil companies – Exxon Mobil, ConocoPhillips, and Chevron – have not yet had any conversations with the administration about Maduro’s ouster, according to four oil industry executives familiar with the matter, contradicting Trump’s statements over the weekend that he had already held meetings with “all” the U.S. oil companies, both before and since Maduro was seized.
“Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point,” one of the sources said on Monday.
Boosting Crude Exports
The upcoming meetings will be crucial to the administration’s hopes to boost crude oil production and exports from Venezuela, a former OPEC nation which sits atop the world’s largest reserves and whose barrels can be refined by specially designed U.S. refineries. Achieving that goal will require years of work and billions of dollars of investment, analysts say.
It is unclear what executives will be attending the upcoming meetings, and whether oil companies will be attending individually or collectively.
The White House did not comment on the meetings but said it believed the U.S. oil industry was ready to move into Venezuela.
“All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime,” said White House spokesperson Taylor Rogers.
Exxon, Chevron and ConocoPhillips did not immediately respond to requests for comment.
Subsidising Oil Companies?
Trump told NBC News the U.S. may subsidise oil companies to enable them to rebuild Venezuela’s energy infrastructure.
Asked if the administration had briefed any oil companies ahead of the military operation, Trump said, “No. But we’ve been talking to the concept of, ‘what if we did it?'”
“The oil companies were absolutely aware that we were thinking about doing something,” Trump told NBC News. “But we didn’t tell them we were going to do it.”
He told NBC News it was “too soon” to say whether he had personally spoken to top executives at the three companies.
“I speak to everybody,” he said.
CBS News, citing an unnamed source, said executives from the three were expected to meet on Thursday with Energy Secretary Chris Wright.
One oil industry executive told Reuters the companies would be reluctant to talk about potential Venezuela operations in group settings with the White House, citing antitrust concerns that limit collective discussions among competitors about investment plans, timing and production levels.
Big Plans, Big Problems
U.S. forces on Saturday conducted a lightning raid on Venezuela’s capital, arresting Maduro in the dead of night and sending him to the United States to face narcoterrorism charges.
Trump said hours after Maduro’s capture, he expects the biggest U.S. oil companies to spend billions of dollars boosting Venezuela’s oil production, after it dropped to around a third of its peak over the past two decades due to underinvestment and sanctions.
But those plans will be hindered by a lack of infrastructure, along with deep uncertainty over the country’s political future, legal framework and long-term U.S. policy, according to industry analysts.
Chevron is the only American major currently operating in Venezuela’s oil fields.
(with inputs from Reuters)