President Donald Trump announces Venezuela will move 30-50 million barrels of oil worth $2.8 billion to U.S. after former President Nicolás Maduro's capture by American forces.

Oil traders and U.S. refiners are rushing to position for access to Venezuelan crude oil after the Trump administration said it would take control of as much as 50 million barrels, one of the largest unexpected supply flows in years,

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a dip of 2.8 million barrels in the week ending January 2. Crude oil inventories rose by 1.7 million barrels in the week prior.

On the Multi Commodity Exchange (MCX), crude oil futures for January delivery declined by Rs 110, or 2.11 per cent, to Rs 5,100 per barrel in a business turnover of 16,723 lots.

The American Petroleum Institute reportedly shows a draw of 2.8 million barrels of oil in US commercial stockpiles for the week ending January 2.

It is among the lowest it has been in five years despite g sanctions against three major crude oil suppliers — Iran, Russia and Venezuela.| India News

Global crude oil prices have shown a downward trend in January 2026, with Brent crude settling around $61 per barrel. This comes ahead of EPRA's fuel review.

Oil prices rise in early trading on a larger-than-expected draw in U.S. crude stockpiles and as traders monitor developments in Venezuela.