US government-released image of Nicolas Maduro after being captured by US forces
Venezuela upends global heavy crude market
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
The US arrest of Nicolas Maduro at the start of 2026 marked the most significant disruption in the heavy sour crude market since the fourth round of sanctions against Russia following Moscow’s 2022 invasion of Ukraine. Washington’s move also signified the climax of a years-long blockade and diplomatic pressure, breaking the ‘shadow’ trade that linked Caracas to Beijing and other Asian transshipment hubs. The Trump administration is now seeking to establish a new framework for marketing Venezuelan hydrocarbons. It signals a reconfiguration of the global energy landscape. On the one hand, it redirects US refiners away from Canadian and Mexican heavy grades; on the other, it represents Washingt
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