Crude Falls as US Deepens Involvement in Venezuelan Oil Industry

Group 1 - Oil prices are fluctuating due to the expectation of continued Venezuelan crude flow to the US, despite geopolitical tensions highlighted by the seizure of a Russian flagged tanker [1][3] - Brent crude is trading below $61 per barrel, having closed 1.7% lower, influenced by President Trump's announcement regarding the potential sale of up to 50 million barrels of Venezuelan oil to the US [2][4] - The US Energy Secretary indicated that Venezuelan oil will be sold to US refineries and globally, aiming to improve oil supply [3] Group 2 - Venezuela's oil production has significantly declined over the past two decades, now accounting for only 1% of global supplies, following a partial naval blockade imposed by the US [5] - Chevron Corp. remains the only American oil major operating in Venezuela under special permission, with all crude being directed to US refineries [6] - Trafigura Group and other traders are in discussions with the US to resume purchasing Venezuelan oil, as President Trump plans to meet with energy executives to discuss investments in the industry [7]