Oil fluctuates, Venezuela’s bonds surge after US raid

Published January 6, 2026
About a dozen tankers loaded with Venezuelan crude oil and fuel have left the country’s waters in dark mode in recent weeks. Most of them are supertankers that typically carry oil to China.—Reuters/file
About a dozen tankers loaded with Venezuelan crude oil and fuel have left the country’s waters in dark mode in recent weeks. Most of them are supertankers that typically carry oil to China.—Reuters/file

HOUSTON: Oil prices increased by more than 1pc on Monday as traders assessed the possible impact on crude flows from Venezuela, home to the world’s largest oil reserves, following the US capture of Venezuelan President Nicolas Maduro.

Brent crude futures were up 96 cents, or 1.58pc, at $61.71 a barrel by 12:56pm EDT. US West Texas Intermediate crude gained 95 cents, or 1.66pc, to $58.27.

Both benchmarks rose more than $1 in late morning trade after falling more than $1 earlier in a choppy session, as investors digested news of Maduro’s capture and that Washington would take control of the Opec member whose crude exports had been under a US embargo that remains in place.

Meanwhile, Reuters reported that about a dozen tankers loaded with Venezuelan crude oil and fuel have left the country’s waters in dark mode since the start of the year.

Chevron set to make a comeback; dozen ‘dark’ tankers loaded with crude and fuel ‘break US embargo’

All the identified vessels are under sanctions and most of them are supertankers that typically carry Venezuelan crude to China, according to TankerTrackers.com and shipping documents from state-run Venezuelan oil company PDVSA.

A separate group of smaller ships, also under sanctions, left the country after discharging imports or completing domestic trips.

Despite the troubles facing Caracas, its default-hit government bonds surged on Monday after the seizure of President Maduro, as it fuelled fresh hopes for one of the largest and potentially most complex ever sovereign debt restructurings.

Bonds issued by the government and state oil company, Petroleos de Venezuela, known as PDVSA, jumped as much as 8.5 cents on the dollar, or around 20pc, with analysts predicting further gains to come.

“Venezuela and PDVSA bonds have roughly doubled in price during the course of 2025, but should still see a strong bounce up to 10 points at the start of Mondays session,” JPMorgan analysts said in a note to clients.

The bonds, which went into default in 2017, were the world’s best performing last year, nearly doubling in price as President Trump ratcheted up military pressure on Maduro.

Following on from President Trump’s vow to stake a claim to Venezuelan oil, Chevron is calling employees back to the country as its crude exports to the US resume and it tries to secure normal operations.

Published in Dawn, January 6th, 2026

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Truce tested
Updated 28 Jun, 2026

Truce tested

The latest US-Iran exchange should therefore be treated not as proof that dialogue has failed, but as a warning of how easily it could.
Paper promises
28 Jun, 2026

Paper promises

WHAT is a UNSC resolution worth if it is never implemented? Pakistan and China felt compelled to convene an informal...
Still the masters
28 Jun, 2026

Still the masters

CRISTIANO Ronaldo and Lionel Messi do not seem to be going away quietly. At least, not yet. The duo might have left...
After the budget
Updated 26 Jun, 2026

After the budget

Though not a bad document per se, the budget for FY27 is a familiar one, and familiarity in our economic history is rarely cause for comfort.
Missing the mark
Updated 27 Jun, 2026

Missing the mark

Pakistan cannot rely on international partners to compensate for weak governance and inconsistent implementation at home.
Up in smoke
26 Jun, 2026

Up in smoke

PAKISTAN is watching an epidemic unfold as the menace of narcotic abuse hits every fourth household in Karachi ...