Oil falls after Trump says US will transfer of millions of barrels from Venezuela

07/01/2026 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices declined today, Jan. 7, after President Donald Trump announced that Venezuela would deliver between 30 million and 50 million barrels of oil to the United States, to be sold at market price, with the US controlling the proceeds.

 

Brent crude was trading down 1% at $60.05 a barrel, at 09:02 am Makkah time. West Texas Intermediate (WTI) fell 1.5% to $56.30 a barrel.

 

Trump said via Truth Social that the interim authorities in Venezuela would hand over the sanctioned oil, and wrote that the US would use the proceeds for the benefit of the Venezuelan and American people, and instructed Energy Secretary Chris Wright to implement this plan immediately.

 

Estimates from the American Petroleum Institute showed that crude oil inventories in the US fell by about 2.77 million barrels during the week ended Jan. 2, and official data due today is expected to show a decline in crude oil inventories.

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