Al Jazeera News Updates US moves to control Venezuelan oil, EU green lights Mercosur pact
Jan 10, 2026
In this bulletin, the focus is on the U.S. taking control of Venezuelan oil sales, with plans to refine and sell 50 million barrels. We also explore Venezuela's staggering oil reserves and the dramatic decline in its exports. The controversial Minneapolis shooting sparks calls for an independent investigation into the Trump administration's actions. Lastly, the EU greenlights the Mercosur trade deal, raising concerns over the impact of low-priced food competition on local markets.
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US Seizes Control Of Venezuelan Oil
- The US plans to refine and sell about 50 million barrels of seized Venezuelan oil immediately.
- Donald Trump said oil companies will deal directly with the US rather than with Venezuela.
Reserves vs. Production Gap
- Venezuela holds the world's largest proven oil reserves at about 303 billion barrels.
- Mismanagement and sanctions cut production from 3.5 million bpd to about 1.1 million bpd.
Shift In Venezuela's Oil Customers
- Venezuela once exported around 1.4 million bpd to the US at its 1997 peak but exports fell sharply.
- Most of Venezuela's remaining oil now goes to China, with exports as low as 120,000 bpd in December.