Daily Update — January 16, 2026
Trump’s Impact on US Energy; Venezuela’s Oil Trade; and Private Letter Rated Bonds
Today is Friday, January 16, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
Trump’s first year back: Fossil fuels surge, renewables recalculate
The US energy landscape has significantly shifted in the first year of President Donald Trump's second term. With policy direction changing rapidly, the Trump administration's moves on fossil fuels, regulation and geopolitics are already rippling through markets, supply chains and long-term energy transition plans.
In this episode of the “Energy Evolution” podcast, S&P Global Energy editors Dan Testa, Jasmin Melvin and Maya Weber discussed Trump’s most consequential policy shifts. They also discussed whether the US is headed for a renewed boom in fossil fuels, what that means for clean energy and whether there is room for a balanced energy strategy.
Global Trade
Venezuela: The Oil Trade, And Who Stands To Benefit
The US removal of Nicolás Maduro, Venezuela’s former president, on Jan. 3 has created uncertainty for Venezuelan oil production and raises questions about potential beneficiaries and the effect on existing embargoes. According to the Oil & Gas Journal’s data on 2023 worldwide reserves and production, Venezuela had 303 billion barrels of heavy sour crude, which requires more intensive extraction techniques and is more expensive to produce than light sweet grades.
Trump said the US would “run the country until such time as we can do a safe, proper and judicious transition” and would seek to rebuild Venezuela’s oil sector by enabling the entry of US companies. However, a recovery is expected to take years, and significant capital is needed to develop Venezuela's underinvested and outdated oil and gas infrastructure. "We believe oil and gas companies are skeptical about investing in Venezuela and will need political and financial stability and assurances before spending the billions of dollars of capital needed," wrote S&P Global Ratings analysts.
Private Markets
Holdings, scrutiny of private letter rated bonds continue to climb
Growth in private debt markets and US life insurers' search for incremental yield has led to an increased concentration of private investments in general accounts, particularly in bonds associated with private letter ratings issued by nationally recognized statistical rating organizations. The estimated fair value of private letter rated bonds rose to more than $408 billion as of Sept. 30, 2025, from nearly $366 billion as of Dec. 31, 2024, according to an S&P Global Market Intelligence analysis.
Private letter rated investments accounted for 9.7% of all bonds acquired by US life insurers in the third quarter of 2025, or nearly $30 billion in total at actual cost. Further regulatory proposals related to these investments and the push for additional transparency are expected in 2026, driven by a heightened focus on insurance company exposure to private investments.
In case you missed it
- Private equity investment in the US from mainland China and Hong Kong fell in 2025 due to mounting regulatory and geopolitical pressures.
- Some of the largest US bank deals announced between 2022 and 2025 are getting finalized faster as regulators prioritize reducing the M&A regulatory burden and shortening closing timelines.
- Singapore's biobunker sales rose 54.4% year over year to a record 1.36 million metric tons in 2025, according to preliminary data from the Maritime and Port Authority of Singapore.
Upcoming events
- 2026 U.S. Technology Industry Credit Outlook | January 27 (Webinar)
- Caribbean Energy Conference | January 27–29 (Río Grande, Puerto Rico)
- Blueprints Made Simple: A Guide to S&P Global Data: Preparing Data for CRM Enrichment | January 29 (Webinar)
