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US to control Venezuela oil exports indefinitely under Trump plan

The US says it will control and sell Venezuelan oil indefinitely, holding revenues in American accounts as it pushes US energy companies to revive the country’s oil industry.

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Washington says proceeds from crude sales will be held in US accounts as American firms are encouraged to rebuild Venezuela’s oil sector

The United States will take control of Venezuela’s oil exports indefinitely and market the crude on global markets, holding the proceeds in US Treasury accounts, Energy Secretary Chris Wright said, outlining Washington’s clearest strategy yet for managing the South American nation’s most valuable resource.

Speaking at a conference in Miami on Wednesday, Wright said the plan would begin with crude currently stored in Venezuela, which has been piling up due to US restrictions and risks forcing production shutdowns.

“We’re going to get that crude moving again and sell it,” Wright said, adding that the US would continue selling Venezuelan oil production going forward.

The move comes as the Trump administration pushes for American energy companies to help rebuild Venezuela’s decaying oil infrastructure and revive output that has suffered after years of underinvestment, corruption and sanctions.

President Donald Trump said earlier this week that Venezuela would relinquish as much as 50 million barrels of oil for the US to sell, worth around $2.8 billion at current prices. The White House confirmed that Washington has already begun marketing Venezuelan crude.

According to officials, revenue from the oil sales will be placed in US Treasury accounts, shielding the funds from Venezuela’s creditors. The money will be used for the benefit of both the American and Venezuelan people.

“We’re not stealing anyone’s oil,” Wright said in a separate interview, stressing that the funds would remain in Venezuela’s name and eventually be brought back for public benefit.

Sanctions eased, compensation put on hold

As part of the strategy, the US is selectively rolling back sanctions on Venezuela’s oil sector. However, Wright said proceeds from early oil sales would not be used to compensate US companies such as Exxon Mobil and ConocoPhillips, whose assets were nationalised under former president Hugo Chávez. Compensation, he said, remains a long-term issue.

Venezuela’s state oil company confirmed it is negotiating with Washington over crude sales under a framework similar to its existing arrangement with Chevron, the only major US oil firm still operating in the country.

Meanwhile, US forces have seized two additional sanctioned oil tankers as the administration tightens control over Venezuelan crude exports. One vessel was intercepted in the Atlantic south of Iceland, while the other was seized in the Caribbean.

US firms urged to revive oil production

The Trump administration is urging companies including Chevron, ConocoPhillips and Exxon to help restore Venezuela’s oil infrastructure after the removal of former president Nicolás Maduro. Officials said discussions have already taken place, and Trump is expected to meet energy executives later this week. Secretary of State Marco Rubio may also attend.

Venezuela’s oil output has fallen to less than one million barrels per day. Wright estimated production could rise by several hundred thousand barrels per day in the short to medium term, though restoring the industry fully would require massive investment over many years.

Global oil prices slipped about 1.5 per cent on Wednesday, trading near $60 a barrel.

Latest world news

India, Canada discuss trade pact to boost bilateral commerce

India and Canada discussed advancing negotiations on a proposed Comprehensive Economic Partnership Agreement aimed at expanding trade, investment and market access between the two countries.

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India and Canada discussed advancing negotiations on a proposed trade agreement as the two countries seek to strengthen their economic and commercial ties.

Commerce and Industry Minister Piyush Goyal met Canada’s Minister of International Trade Maninder Sidhu, who is leading a Canadian delegation to India. The discussions focused on advancing negotiations for the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA).

The proposed pact is aimed at creating greater market access and opening up new opportunities for trade and investment between the two countries.

India-Canada CEPA talks

Both sides discussed the importance of a balanced and mutually beneficial agreement that can make use of the complementary strengths of the two economies.

The discussions also focused on deepening commercial engagement and creating new opportunities for businesses in both countries.

Goyal said the two sides reaffirmed their commitment to taking the India-Canada economic partnership to a higher level, with CEPA serving as a catalyst for deeper commercial engagement.

India and Canada are working towards concluding the CEPA negotiations by the end of 2026.

India-Canada trade

The proposed CEPA is aimed at improving market access and creating opportunities across sectors while strengthening the broader economic relationship between India and Canada.

The agreement is expected to provide greater opportunities for businesses in both countries and support deeper trade and investment ties.

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Latest world news

White House put on temporary lockdown after car crashes into signpost

The White House was temporarily placed under lockdown after a car crashed into a signpost near Lafayette Square in Washington, DC. The driver was detained after a confrontation with security personnel.

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The White House was placed under a temporary lockdown on Monday after a car crashed into a signpost at Lafayette Square near the presidential residence in Washington, DC.

The incident triggered a security response in the area, with the US Secret Service directing members of the White House press corps to move indoors and remain there temporarily.

Driver detained after confrontation with security personnel

The driver was detained following a confrontation with Secret Service officers and National Guard personnel, according to reports.

Video footage showed a silver sedan on the paved area at the northern end of Lafayette Square after striking a signpost. Smoke was also seen coming from the vehicle.

Authorities had not immediately disclosed the driver’s identity or established what led to the crash.

White House security restrictions imposed

The security response prompted temporary restrictions around the White House. The incident occurred at Lafayette Square, which is directly across Pennsylvania Avenue from the presidential complex.

At around 10 am local time, Secret Service personnel instructed White House journalists to move indoors while security personnel dealt with the incident.

The White House was under the security restriction while President Donald Trump was at the premises, according to reports.

Motive behind crash remains unclear

It was not immediately known whether the crash was accidental or deliberate. Authorities had also not immediately confirmed whether anyone was injured.

The circumstances surrounding the incident, including the driver’s identity and possible motive, remained under investigation.

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Football news

Cristiano Ronaldo announces retirement from international football

Cristiano Ronaldo has announced his retirement from international football, bringing an end to his 23-year career with Portugal after 234 appearances and 146 goals.

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Cristiano Ronaldo

Cristiano Ronaldo has announced his retirement from international football, bringing his 23-year career with Portugal towards an end.

The 41-year-old Portugal captain said he would hand back the No. 7 shirt of the national team after the November international break. Ronaldo made the announcement in a video message shared on social media.

The decision marks the end of one of the most decorated international careers in men’s football. Ronaldo has made 234 appearances for Portugal and scored 146 goals, both records at international level.

Ronaldo’s Portugal career comes to an end

Ronaldo made his Portugal debut in 2003 and went on to represent the country across more than two decades.

He helped Portugal win their first major international trophy at Euro 2016. He was also part of the teams that won the UEFA Nations League in 2019 and 2025.

Ronaldo’s international career also included six World Cup appearances. His final World Cup came in 2026, when Portugal were eliminated by eventual champions Spain in the last 16.

Ronaldo reflects on 23 years with Portugal

Announcing his decision, Ronaldo said it was not an easy choice and described his time representing Portugal as a privilege and responsibility.

He thanked his family, the Portuguese people, as well as the teammates, coaches and staff who were part of his international journey.

Ronaldo also said that Portugal would always remain a part of him.

Record-breaking international career

Ronaldo leaves the Portugal setup as the men’s all-time leading international goalscorer and the player with the most international appearances.

His 146 goals came across 234 appearances for Portugal. He also became one of only two players, alongside Lionel Messi, to feature at six World Cups.

His international career included major individual records as well as team honours, making his departure one of the biggest moments in modern international football.

What happens next

Ronaldo’s announcement comes after he said he would hand back Portugal’s No. 7 shirt following the November international break.

Portugal have Nations League fixtures during the November window, but Ronaldo’s announcement means his international career is now set to conclude after that break.

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