US Seizes Venezuelan Oil: Triggers Global Market Rush for Access

• US announces strategy to control up to 50 million barrels of Venezuelan crude, marking a significant shift in global energy markets.
• President Trump stated the US would run Venezuela and extract its oil for years, aiming for profitable rebuilding.
• The move has spurred a rush for access, with companies like Citgo Petroleum Corp. and Trafigura Group considering resuming purchases and talks with the US government.
• US refining giants like Valero Energy Corp. saw shares surge, while Chevron Corp. seeks a license extension to operate in Venezuela.
• Energy Department confirms marketing Venezuelan crude globally, selectively rolling back sanctions for transport and sales.

Why It Matters: US intervention in Venezuelan oil markets creates a major supply shift and corporate scramble for access.