Crude Oil
January 15, 2026
Venezuela Reopened? Trump, Sanctions, and the Heavy Crude Shock
Featuring Jeff Mower, Kate Winston, Eamonn Brennan, and Patrick Harrington
HIGHLIGHTS
WCS heavy crude price discounts widen
Chevron, Repsol able to boost oil production in Venezuela
A sudden shift in US policy has put Venezuela back at the center of global oil markets. US and international oil executives are striking different tones on Venezuela after President Donald Trump said the White House will decide which companies are allowed back into the country's oil sector following the US seizure of Venezuelan President Nicolas Maduro on Jan. 3. Heavy oil price discounts are already reacting to expectations of increased Venezuelan supply. Can Venezuela meaningfully boost production after years of underinvestment? Who benefits from cheaper heavy crude? Join Jeff Mower, Director of Americas Oil News, as he discusses these issues and more with S&P Global Energy oil policy reporters Kate Winston and Eamonn Brennan and Patrick Harrington, Americas oil markets manager.
