US Seeks to Assert Control over Venezuelan Oil with Tanker Seizures and Sales Worldwide

This image from video provided by the US Department of Defense, shows the US Coast Guard cutter Munro shadowing the MV Bella 1 in the North Atlantic Ocean during the maritime interdiction operation Wednesday, Jan. 7, 2026. (Department of Defense via AP)
This image from video provided by the US Department of Defense, shows the US Coast Guard cutter Munro shadowing the MV Bella 1 in the North Atlantic Ocean during the maritime interdiction operation Wednesday, Jan. 7, 2026. (Department of Defense via AP)
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US Seeks to Assert Control over Venezuelan Oil with Tanker Seizures and Sales Worldwide

This image from video provided by the US Department of Defense, shows the US Coast Guard cutter Munro shadowing the MV Bella 1 in the North Atlantic Ocean during the maritime interdiction operation Wednesday, Jan. 7, 2026. (Department of Defense via AP)
This image from video provided by the US Department of Defense, shows the US Coast Guard cutter Munro shadowing the MV Bella 1 in the North Atlantic Ocean during the maritime interdiction operation Wednesday, Jan. 7, 2026. (Department of Defense via AP)

President Donald Trump's administration on Wednesday sought to assert its control over Venezuelan oil, seizing a pair of sanctioned tankers transporting petroleum and announcing plans to relax some sanctions so the US can oversee the sale of Venezuela’s petroleum worldwide.

Trump's administration intends to control the distribution of Venezuela’s oil products globally following its ouster of President Nicolás Maduro in a surprise nighttime raid. Besides the United States enforcing an existing oil embargo, the Energy Department says the “only oil transported in and out of Venezuela” will be through approved channels consistent with US law and national security interests.

That level of control over the world’s largest proven reserves of crude oil could give the Trump administration a broader hold on oil supplies globally in ways that could enable it to influence prices. Both moves reflect the Republican administration’s determination to make good on its effort to control the next steps in Venezuela through its vast oil resources after Trump pledged the US will “run” the country.

Vice President JD Vance said in an interview the US can “control” Venezuela’s “purse strings” by dictating where its oil can be sold.

“We control the energy resources, and we tell the regime, you’re allowed to sell the oil so long as you serve America’s national interest,” Vance said in an interview to air on Fox News Channel’s “Jesse Watters Primetime.”

The vice president added, “And that’s how we exert incredible pressure on that country without wasting a single American life."

Secretary of State Marco Rubio suggested that the oil taken from the sanctioned vessels seized in the North Atlantic and the Caribbean Sea would be sold as part of the deal announced by Trump on Tuesday under which Venezuela would provide up to 50 million barrels of oil to the US.

Venezuela’s interim authorities “want that oil that was seized to be part of this deal,” Rubio told reporters after briefing lawmakers Wednesday about the Maduro operation. “They understand that the only way they can move oil and generate revenue and not have economic collapse is if they cooperate and work with the United States.”

Seizing 2 more vessels US European Command said on social media that the merchant vessel Bella 1 was seized in the North Atlantic for “violations of US sanctions."

The US had been pursuing the tanker since last month after it tried to evade a blockade on sanctioned oil vessels around Venezuela.

Homeland Security Secretary Kristi Noem revealed US forces also took control of the M Sophia in the Caribbean Sea. Noem said on social media that both ships were “either last docked in Venezuela or en route to it."

The two ships join at least two others that were taken by US forces last month — the Skipper and the Centuries.

The Bella 1 had been cruising across the Atlantic nearing the Caribbean on Dec. 15 when it abruptly turned and headed north, toward Europe. The change in direction came days after the first US tanker seizure of a ship on Dec. 10 after it had left Venezuela carrying oil.

When the US Coast Guard tried to board the Bella 1, it fled. US European Command said a Coast Guard vessel had tracked the ship “pursuant to a warrant issued by a US federal court."

As the US pursued it, the Bella 1 was renamed Marinera and flagged to Russia, shipping databases show. A US official, who spoke on the condition of anonymity to discuss sensitive military operations, said the ship’s crew had painted a Russian flag on the side of the hull.

The Russian Foreign Ministry said it had information about Russian nationals among the Marinera's crew and, in a statement carried by Russia’s state news agencies Tass and RIA Novosti, demanded that "the American side ensure humane and dignified treatment of them, strictly respect their rights and interests, and not hinder their speedy return to their homeland.”

Separately, a senior Russian lawmaker, Andrei Klishas, decried the US action as “blatant piracy.”

The Justice Department is investigating crew members of the Bella 1 vessel for failing to obey Coast Guard orders and “criminal charges will be pursued against all culpable actors,” Attorney General Pam Bondi said.

“The Department of Justice is monitoring several other vessels for similar enforcement action — anyone on any vessel who fails to obey instructions of the Coast Guard or other federal officials will be investigated and prosecuted to the fullest extent of the law,” Bondi said on X.

The ship had been sanctioned by the US in 2024 on allegations of smuggling cargo for a company linked to Lebanese militant group Hezbollah, which is backed by Iran.

Easing some sanctions to sell Venezuela's oil The Trump administration, meanwhile, is “selectively” removing sanctions to enable the shipping and sale of Venezuelan oil to markets worldwide, according to an outline of the policies published Wednesday by the Energy Department.

The sales are slated to begin immediately with 30 million to 50 million barrels of oil. The US government said the sales “will continue indefinitely,” with the proceeds settling in US-controlled accounts at “globally recognized banks.” The money would be disbursed to the US and Venezuelan populations at the “discretion” of Trump’s government.

Venezuelan state-owned oil company PDVSA said it is in negotiations with the US government for the sale of crude oil.

“This process is developed under schemes similar to those in force with international companies, such as Chevron, and is based on a strictly commercial transaction, with criteria of legality, transparency and benefit for both parties,” the company said in the statement.

Acting President Delcy Rodríguez on Wednesday night tried to normalize the latest chapter in US-Venezuela economic relations, calling them “neither extraordinary nor irregular.”

“Venezuela must diversify its relations and have relations with all the countries of this hemisphere, just as it should with Asia, Africa, the Middle East and Europe,” she said during a televised meeting with lawmakers and senior government officials.

The US plans to authorize the importation of oil field equipment, parts and services to increase Venezuela’s oil production, which has been roughly 1 million barrels a day.

The Trump administration has indicated it also will invest in the electricity grid to increase production and the quality of life for people in Venezuela, whose economy has been unraveling amid changes to foreign aid and cuts to state subsidies, making necessities, including food, unaffordable to millions.

Meanwhile, Trump abruptly changed his tone about Colombian President Gustavo Petro. Trump said Wednesday that they had exchanged a friendly phone call and he had invited the leader of the South American country to the White House. Trump had said earlier this week that “Colombia is very sick too” and accused Petro of “making cocaine and selling it to the United States.”

Ships said to be part of a shadow fleet Noem said both seized ships were part of a shadow fleet of rusting oil tankers that smuggle oil for countries facing sanctions, such as Venezuela, Russia and Iran.

After the seizure of the now-named Marinera, which open-source maritime tracking sites showed was between Scotland and Iceland earlier Wednesday, the UK defense ministry said Britain’s military provided support, including surveillance aircraft.

“This ship, with a nefarious history, is part of a Russian-Iranian axis of sanctions evasion which is fueling terrorism, conflict, and misery from the Middle East to Ukraine,” UK Defense Secretary John Healey said.

The capture of the M Sophia, on the US sanctions list for moving illicit cargos of oil from Russia, in the Caribbean was much less prolonged.

The ship had been “running dark,” not having transmitted location data since July. Tankers involved in smuggling often turn off their transponders or broadcast inaccurate data to hide their locations.

Samir Madani, co-founder of TankerTrackers.com, said his organization used satellite imagery and surface-level photos to document that at least 16 tankers had left the Venezuelan coast since Saturday, after the US captured Maduro.

The M Sophia was among them, Madani said, citing a recent photo showing it in the waters near Jose Terminal, Venezuela’s main oil export hub.

Windward, a maritime intelligence firm that tracks such vessels, said in a briefing to reporters the M Sophia loaded at the terminal on Dec. 26 and was carrying about 1.8 million barrels of crude oil — a cargo that would be worth about $108 million at current price of about $60 a barrel.



Trump's Greenland Threat Puts Europe Inc back in Tariff Crosshairs

A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.
A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.
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Trump's Greenland Threat Puts Europe Inc back in Tariff Crosshairs

A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.
A worker adjusts European Union and US flags at the EU Commission headquarters in Brussels, November 11, 2013.

Just as European companies were getting used to last year's hard-won US trade tariff deals, President Donald Trump has put them back in his ​crosshairs with an explosive threat to place levies on nations that oppose his planned takeover of Greenland.

Trump on Saturday said he would put rising tariffs from February 1 on goods imported from EU members Denmark, Sweden, France, Germany, the Netherlands and Finland, along with Britain and Norway, until the US is allowed to buy Greenland, a step major EU states decried as blackmail.

On Sunday, European Union ambassadors reached broad agreement to intensify efforts to dissuade Trump from imposing those tariffs, while also readying a package of retaliatory measures should the duties go ahead, EU diplomats said.

The shock move has rattled through industry and sent shockwaves through markets amid fears of a return to the volatility of last year's trade war, which was only eased with tariff deals reached in the middle of the year.

"This is a very serious situation, the scale of which is unknown," Gabriel Picard, ‌chairman of the French ‌wine and spirits export lobby FEVS, told Reuters.

He said the industry had already seen a ‌20% ⁠to ​25% hit ‌to US activity in the second half of last year from previous trade measures, and new tariffs would bring a "material" impact.

But he said what was happening went far beyond sectoral issues. "It is more a matter of political contacts and political intent that must be taken to the highest level in Europe, so that Europe, once again, is united, coordinated, and if possible speaks with one voice."

STAND-OFF COULD BRING BACK LAST YEAR'S TRADE WAR

In a post on Truth Social, Trump said additional 10% import tariffs would take effect next month on goods from the listed European nations — all already subject to tariffs imposed by the US president last year of between 10% and 15%.

The bloc - which had an estimated $1.5 trillion in goods and services trade with the US in 2024 - looks set ⁠to fight back. Europe has major carmakers in Germany, drugmakers in Denmark and Ireland, and consumer and luxury goods firms from Italy to France.

EU leaders are set to discuss options at an emergency ‌summit in Brussels on Thursday, including a 93 billion euro ($107.7 billion) package of tariffs on ‍US imports that could automatically kick in on February 6 after a ‍six-month pause.

The other is the so far never used "Anti-Coercion Instrument" (ACI), which could limit access to public tenders, investments or banking activity or restrict ‍trade in services, in which the US has a surplus with the bloc.

Analysts said the key question was how Europe responded - with a more "classic" trade war tit-for-tat tariff retaliation, or an even tougher approach.

"The most likely way forward is a return to the trade war that was put on hold in high-level US agreements with the UK and the EU in summer," said Carsten Nickel, deputy director of research at Teneo in London.

COMPANIES WILL LOOK TO TRADE WITH 'LESS PROBLEMATIC NATIONS'

German submarine maker ​TKMS CEO Oliver Burkhard said the Greenland threat was perhaps the jolt that Europe needed to toughen its approach and focus on developing its own joint programmes to be more independent from the US.

"It is probably necessary... to get ⁠a kick in the shin to realise that we may have to suit up differently in the future," he told Reuters.

Susannah Streeter, chief investment strategist at Wealth Club, said the new threat created "another layer" of complexity for firms grappling with an already "chaotic" US market. Firms had little capacity to soak up new tariffs, she added.

"A trade war only creates losers," said Christophe Aufrere, director general of French autos association the PFA.

An official at a French industry association that represents the country's largest firms added the Greenland issue was turning tariffs into a "tool for political pressure", and called for the region to reduce its dependency on the US market.

Neil Shearing, group chief economist at Capital Economics, pointed out that some EU countries - Spain, Italy and others - were not on the tariff list, which would likely see "re-routing" of trade within the EU free trade bloc to avoid the taxes.

Analysts added the new tariffs - if imposed - would likely hurt Trump. They would push up US prices and lead to front-loading of exports before the tariffs kicked in, while encouraging companies to seek new markets.

"For Europe, this is a bad geopolitical headache and a moderately significant economic problem. But it could also backfire for Trump," said Holger Schmieding, London-based chief economist at Berenberg.

"Logic ‌still points to an outcome that respects Greenland's right to self-determination, strengthens security in the Arctic for NATO as a whole, and largely avoids economic damage for Europe and the US."


IMF Upgrades Outlook for Surprisingly Resilient World Economy to 3.3% Growth this Year

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo
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IMF Upgrades Outlook for Surprisingly Resilient World Economy to 3.3% Growth this Year

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo/File Photo

An unexpectedly sturdy world economy is likely to shrug off President Donald Trump's protectionist trade policies this year, thanks partly to a surge of investment in artificial intelligence in North America and Asia, the International Monetary Fund said in a report out Monday.

The 191-nation lending organization expects that global growth will come in at 3.3% this year, same as in 2025 but up from the 3.1% it had forecast for 2026 back in October, The Associated Press reported.

The world economy "continues to show notable resilience despite significant US-led trade disruptions and heightened uncertainty,'' IMF chief economist Pierre-Olivier Gourinchas and his colleague Tobias Adrian wrote in a blog post accompanying the latest update to the fund's World Economic Outlook.

The US economy, benefiting from the strongest pace of technology investment since 2001, is forecast to expand 2.4% this year, an upgrade on the fund's October forecast and on expected 2025 growth — both 2.1%.

China — the world's second-largest economy — is forecast to see 4.5% growth, an improvement on the 4.2% the IMF had predicted October, partly because a trade truce with the United States has reduced American tariffs on Chinese exports.

India, which has supplanted China as the world's fastest-growing major economy, is expected to see growth decelerate from 7.3% last year (when it was juiced by an unexpectedly strong second half) to a still-healthy 6.4% in 2026.


France Says Still Loyal to Syria Kurds, Hails Ceasefire

Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri
Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri
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France Says Still Loyal to Syria Kurds, Hails Ceasefire

Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri
Syrian army personnel celebrate as government forces enter Raqqa city following the withdrawal of Syrian Democratic Forces, in Raqqa, Syria, January 18, 2026. REUTERS/Karam al-Masri

France on Monday welcomed a ceasefire between the Syrian government and Kurdish-led forces and stressed it remained loyal to the latter who spearheaded the battle against the ISIS group.

"France is faithful to its allies," the foreign ministry said, urging all sides to respect the ceasefire deal, which will also see the Kurdish administration and forces integrate into the state after months of stalled negotiations.