## Global Oil Prices Under Pressure as Venezuela Situation Sparks Energy Market Turmoil

### US Energy Strategy Shift Triggers Oil Market Fluctuations

Today’s global oil prices face new sources of pressure. According to research from analysis agencies, a recent major move by the US government is reshaping the global energy landscape. Specifically, the US plans to purchase up to 50 million barrels of Venezuelan oil, despite these crude oils being subject to US economic sanctions. This policy shift directly impacts the global oil market, while at the same time, Canada's oil exports to the US are also facing potential adjustments.

The US Department of State has launched an international marketing initiative to promote the trade flow of Venezuelan oil. More notably, energy officials have explicitly stated that the US intends to control the pricing of Venezuelan oil sales in the near future. This intention is reinforced by ongoing actions to seize sanctioned fleets—reportedly, just the day before, two vessels were detained.

### Reorientation of Venezuela’s Oil Supply System

For Venezuela, these policy changes are highly significant. Allowing oil to be directly shipped to the US market effectively addresses the long-standing issue of market access that has plagued the country. Due to US sanctions restricting the activities of sanctioned fleets, Venezuela’s oil exports have been hindered. The new trade channels are expected to help Venezuela avoid the dilemma of forced production cuts due to storage capacity limitations.

However, this development also hints at an increased US influence in Venezuela’s energy industry. This strengthening of position has even raised questions about Venezuela’s continued participation in OPEC.

### US Inventory Data Reveals Downstream Market Signals

From the US inventory perspective, market dynamics are becoming more complex. The latest data from the Energy Information Administration shows that last week, US crude oil inventories decreased by 3.83 million barrels, the largest decline since late October.

However, inventories of refined products showed mixed results. Gasoline stocks increased by 7.7 million barrels, while distillate stocks rose by 5.6 million barrels. This divergence reflects that, despite weakening downstream demand for these products, refineries are still maintaining relatively stable production rates. It indicates that the refining industry has not adjusted its operational strategies in response to short-term demand fluctuations.

Today’s global oil price trends will continue to be profoundly influenced by these US supply chain adjustments and inventory changes.