Venezuela holds the world’s largest oil reserves, but years of sanctions, neglect and underinvestment have crippled its energy sector.
Donald Trump says U.S. companies will repair Venezuela’s oil infrastructure and sell its oil to cover the costs of Washington’s intervention.

Washington

The U.S. government has proposed that American companies repair Venezuela's oil infrastructure, with the intention of selling Venezuelan oil to cover the costs of intervention. Venezuela holds the world's largest oil reserves, but its production has sharply declined due to sanctions, mismanagement, and lack of investment, leading Canada to become the primary energy supplier to the U.S.

Experts warn that U.S. control over Venezuelan oil could increase tensions with China, Venezuela's main oil customer, and potentially harm Canada if Venezuelan exports to the U.S. resume. While no major short-term impact on oil prices is expected, analysts note that political instability in Venezuela or a significant drop in oil prices could have broader geopolitical consequences, including affecting Russia's ability to fund its war in Ukraine.

How U.S. control of Venezuela’s oil could change global geopolitics

It's estimated that repairing Venezuela's broken oil facilities could cost $60 billion. But President Trump says U.S. companies will fix it, and sell Venezuela's oil to cover the costs of Washington's intervention. Venezuela only accounts for 1% of the global oil production, but it's estimated to have 300 billion barrels worth, which means it has the largest oil reserves in the world. China, which is the world's largest importer of crude, is Venezuela's biggest oil customer. Experts say Trump's plan for U.S. control of Venezuela's oil could further inflame tensions with Beijing. China called the removal of Nicolas Maduro a hegemonic act, violating international law. Washington's aim of controlling Venezuela's oil exports is being seen as a move made partly to slow China's progress. And China is not the only potential loser. During the 1990s, Venezuela was the largest exporter of crude oil to the U.S. U.S. sanctions on the Hugo Chavez and later Maduro governments, along with mismanagement and lack of investment, sent Venezuela's oil production into steep decline. Canada stepped into the breach, and is now the largest energy supplier to the U.S. Analysts say Canada could suffer in the long term if Venezuela starts supplying heavily to the U.S. again. Then there's the issue of the particular type of oil Venezuela has. Experts predict many U.S. refineries will have to be adapted to take the heavier, sulfur-rich crude again. And what about the effect on the oil market? Most energy insiders do not expect a major impact on prices in the short term. But if the U.S. plan goes ahead, any internal political or social unrest inside Venezuela could pose a risk to energy markets. And then there's the war in Ukraine. Trump's aim to drive down oil prices below $50 a barrel would benefit him politically at home. But analysts say it would also financially hurt Russia, which despite sanctions remains so reliant on oil exports to fund its war in Ukraine. Charles Stratford, Al Jazeera.

The U.S. Senate advanced a resolution that would bar President Donald Trump from further military action against Venezuela without congressional authorization, a rare rebuke of the Republican leader.

Venezuela Strikes

U.S. Senate advances measure curbing Trump's Venezuela war powers

U.S. officials have discussed sending lump sum payments to Greenlanders as part of a bid to convince them to secede from Denmark and potentially join the United States, according to four sources familiar with the matter.

Trump administration mulls paying Greenlanders to join U.S.

Iran’s connectivity drops sharply nationwide – As authorities tighten controls amid growing protests over the economy. NetBlocks says the apparent blackout follows ‘a series of escalating digital censorship measures targeting protests’.

Tehran

Iran experiencing nationwide internet blackout as protests intensify

The Senate on Thursday voted to advance a resolution that could limit President Trump's ability to continue military action in Venezuela without congressional approval. It comes as the president told the New York Times that he could see the U.S. having direct oversight of Venezuela for years.

Caracas

Trump says U.S. could have direct oversight in Venezuela for years

The crew at the International Space Station will return home early because of what NASA is calling a medical concern with a crew member. CBS News space consultant Bill Harwood has more details.

Texas

ISS crew returning due to medical issue for first time in NASA history

President Trump plans to meet with Colombian President Gustavo Petro after Mr. Trump issued threats following the U.S. operation in Venezuela that led to the capture of Nicolás Maduro. CBS News' Lilia Luciano reports from Bogotá.

Trump to meet Colombia’s Petro after tensions over Venezuela operation

The United Kingdom aided the U.S. in an operation to seize a sanctioned oil tanker linked to Venezuela in the North Atlantic. CBS News' Ramy Inocencio reports.

UK helped the U.S. seize an oil tanker linked to Venezuela

U.S. forces on Wednesday seized two oil tankers, one in the North Atlantic and the other in the Caribbean, as part of the Trump administration's blockade of Venezuela's oil exports. Secretary of State Marco Rubio said the U.S. will take between 30 million and 50 million barrels of oil and sell it in the marketplace.

U.S. to control money from Venezuela oil sales after tanker seizures

Nick Reiner was set to be arraigned on murder charges on Wednesday in the killing of his parents Rob and Michele Reiner. But his defense attorney, Alan Jackson, told the judge he could no longer represent the 32-year-old. After the hearing, Jackson said he couldn't say why he withdrew for legal reasons, but added, "Nick Reiner is not guilty of murder."

Los Angeles

Nick Reiner's lawyer withdraws from case, says Reiner 'is not guilty'

NASA is considering a rare early return of its crew from the International Space Station over an unspecified medical issue involving one of the astronauts, after canceling a planned spacewalk that had been scheduled for Thursday (January 8), the agency said.

NASA mulls early ISS crew return due to astronaut medical issue

Washington says it has intercepted two Venezuela-linked oil tankers in the Atlantic as part of President Trump’s hardline effort to control oil movements across the Americas, claiming the vessels were part of a so-called shadow fleet used to ship sanctioned crude from Venezuela and Iran.

UK helped U.S. military to seize sentenced oil tanker on way to Russia

Minneapolis erupts in protests after a woman is shot by a federal agent – Video of the incident sparks outrage nationwide.

Minneapolis

ICE shoots woman: Incident sparks protests across the U.S.

President Masoud Pezeshkian has urged security forces to show restraint, distinguishing peaceful protesters from armed rioters. However, rights group Iran Human Rights says at least 27 protesters have been killed, while Iranian media report 15 deaths, including members of the security forces.

Iran police officer killed as cost-of-living protests enter 12th day

The decision comes as Trump approaches the first anniversary of his second term. Since returning to office, he has already moved to exit the World Health Organization, the Paris climate agreement, and UNESCO, while cutting funding to several UN bodies.

Trump orders U.S. withdrawal from 66 international organisations

Iran's army chief threatened pre-emptive military action on Wednesday over the "rhetoric" targeting the country, thought to be in reference to threats made by US President Donald Trump last week, warning that if Tehran "violently kills peaceful protesters," Washington would "come to their rescue."

Iran army chief threatens pre-emptive attack after Trump threats

U.S. forces have boarded a Venezuela-linked sanctioned oil tanker in the North Atlantic after pursuing it for weeks. The U.S. military also announced the seizure of a sanctioned tanker ship in the Caribbean Sea, the second vessel taken by American forces on Wednesday.

U.S. seizes two more sanctioned oil tankers with links to Venezuela

A woman was fatally shot by an ICE officer Wednesday morning in Minneapolis, the Department of Homeland Security says. CBS News' Nicole Sganga reports from the scene.

Protesters gather after ICE shoots and kills woman in Minneapolis

The U.S. seized a Russian-flagged oil tanker that was being shadowed by a Russian submarine on Wednesday (Jan. 7), after a more than two-week-long pursuit across the Atlantic as part of a U.S. "blockade" of Venezuelan oil exports.

U.S. seizes Venezuela-linked oil tanker after weeks-long pursuit

Nick Reiner, the son of Rob and Michele Reiner, is set to be arraigned in the killing of his parents, Rob Reiner and Michele Singer Reiner. It comes as details emerge about his time in custody and how his mental health history could play a role in his case.

Nick Reiner due in court on murder charges

Flights across France and Belgium and Eurostar train services have been severely disrupted by the winter weather.

Paris

Eurostar trains and hundreds of flights cancelled amid heavy snowfall

President Masoud Pezeshkian on Wednesday urged security forces to distinguish between what he called rioters and protesters, urging them not to target peaceful demonstrators.

Iran's President urges security forces not to target protesters

In Iran, protests that broke out on December 28th over the soaring cost of living look set to continue. Security forces fired tear gas at demonstrators in Tehran's Grand Bazaar on January 6: without giving numbers, Iran's IRNA news agency said 'some' people were arrested.

Death toll rises as Iran's security forces clash with protesters

Members of the North Atlantic Treaty Organization (NATO) are reacting to the Trump administration's comments on a potential Greenland takeover from Denmark.

Nuuk

European leaders blast Trump over Greenland takeover discussions

Donald Trump says Venezuela will hand over as much as 50 million barrels of oil and he will control the profits.

Trump says Venezuela will turn over 30-50 million barrels of oil

Britain and France have said they could send troops to Ukraine if a ceasefire is agreed. The pledge came at a Paris meeting of 30 nations, including the US, on security guarantees demanded by Kyiv before any peace deal.

London

Ukraine Invasion

UK, France ready to deploy troops in Ukraine after ceasefire

Colombian President Gustavo Petro said he would “take up arms” in the face of threats issued by US President Donald Trump.

Bogotá

Colombia vows to defend its sovereignty amid Trump’s military threats

Israeli forces storm Birzeit University in the occupied West Bank soon after students begin a sit-in in solidarity with jailed Palestinians.

Jerusalem

Middle East Conflict

Israeli school assault wounds dozens of Palestinians in West Bank raid

The White House says U.S. President Donald Trump and his team are considering a range of options in efforts to acquire Greenland as the ouster of Venezuelan leader Nicolás Maduro continues to reverberate in the Western Hemisphere.

Trump sees acquiring Greenland as a national security priority

The United States for the first time backed a broad coalition of Ukraine's allies in vowing to provide security guarantees that leaders said would include binding commitments to support the country if it is attacked by Russia again.

U.S. backs security guarantees for Ukraine at summit of Kyiv's allies

South African President Cyril Ramaphosa has expressed deep concern over recent U.S. military action in Venezuela, calling for the immediate release of Venezuelan President Nicolás Maduro and his wife.

Breakdown