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
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
