President Donald Trump said Venezuela would relinquish as much as 50 million barrels of oil to the US, worth roughly $2.8 billion at the current market price, announcing the cargoes would be sold with proceeds benefiting both countries.

Caracas

President Trump has announced that Venezuela is set to send 50 million barrels of oil, valued at approximately $2.8 billion, to the United States. However, the specifics regarding the timing, logistics, and sale of this oil remain uncertain. The announcement follows recent US-imposed restrictions on Venezuelan oil exports, which have led to a buildup of oil in Venezuelan storage facilities.

The US administration has reportedly requested that Venezuela partner exclusively with American companies for oil supply, a move that has been denounced by China as a "bullying act." Reports also suggest the US seeks to exclude Chinese and Russian companies from Venezuela's oil sector, signaling a significant shift in control over the country's oil industry.

Trump says Venezuela to send U.S. oil worth up to $2.8 billion

Well, like a lot of announcements that President Trump makes, it's high on impact and slim on details. 50 million barrels, he says, that would be worth about 2.8 billion at today's prices. Exactly when those barrels might travel to the US, how they will sell them, where they will go, is a little unclear. We had this separate development overnight that Chevron has booked 11 tankers to export oil from Venezuela. We do not know if that's related. It may be. What we do know about the situation on the ground in Venezuela is because of the partial blockade that the US has made of Venezuelan oil exports over the last few weeks, which remains in place, there are a lot of tanks in Venezuela that are filling up with oil production. And it will be imperative for Venezuela to export more oil to avoid the seizing up of what remains of its oil industry. Now, Will, we've also heard that representatives of Exxon, Chevron, ConocoPhillips are going to be meeting with the energy secretary in the White House. What do you think could come out of this meeting? Could it be something that could impact the oil price in a meaningful way, what these executives have to say? It's going to be difficult for Venezuela to really impact the oil price in a meaningful way in the shorter term, Valerie, because at the moment, Venezuela is producing just under a million barrels of oil a day. And that's a pretty small proportion in a global oil market of more than 100 million barrels of oil a day. Longer term, this, of course, could be much more significant. The conversation will be about, we want you to go back into Venezuela. We want US companies to be controlling the Venezuelan oil industry. But they will say, well, we need political certainty for that to happen. We need guarantees that our contractual rights will be respected, because we should remember in the past that the Chavez regime, the Maduro regime, was very willing to renegotiate oil contracts to, in their view, expropriate oil rights in Venezuela. So they'll want to be very certain that similar things won't happen again, if they're going to commit the many billions of dollars it would cost to revive what has become a very decrepit and rundown oil industry in Venezuela. Now, the Trump administration has reportedly told Elsie Rodriguez that her government must exclusively partner with the US on oil supply. We've already had a response from China on this, calling it a bullying act for them. What would this mean when it comes to oil supplies to China if they were to be diverted to the US? Yes, China is an important customer, has been an important customer of Venezuelan oil, Stephen. It takes more than 5% of its oil imports from Venezuela. And while it could easily compensate for that in the current oil market by buying it from elsewhere, as we've said repeatedly in recent weeks, the oil market globally is well supplied. This clearly signals, if the reports are correct, that the US wants to take full control of the Venezuelan oil industry, both in terms of drilling oil and where the exports go. The report seemed to suggest that they wanted Chinese and Russian oil companies out of Venezuela as well. Both of those currently operate concessions inside Venezuela, drill oil, sell oil. And it would be a really dramatic move if China, sorry, America, was to force those companies out of Venezuela. We've already, as you mentioned, had a real denunciation of this move from China, who have called it a bullying tactic. Russia would not be happy either, one presumes. So it really, I think, demonstrates how serious the Trump intention to control the future of Venezuelan's oil industry is.

President Trump weighed in on the deadly shooting involving an ICE officer in Minneapolis, Minnesota, on Wednesday. CBS News' Willie James Inman reports.

Minneapolis

Trump claims woman shot by ICE in Minneapolis was “very disorderly”

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.

Washington

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.

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.

Tehran

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.

Venezuela Strikes

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.

Soweto

Ramaphosa urges UN action after U.S. capture of Maduro

At least 25 people have been killed in Iran during the first nine days of protests that started in the bazaar of Tehran over the plunging value of the currency and soaring inflation, according to rights groups. This video contains graphic images.

Rights groups say at least 25 dead in Iran protests

The administration of President Donald Trump is planning to meet with executives from U.S. oil companies later this week to discuss boosting Venezuelan oil production after U.S. forces ousted its leader Nicolas Maduro, according to a source familiar with the matter.

Trump administration sets meetings with oil firms on Venezuela: source

Uncertainty in Venezuela has crossed into neighboring Colombia, especially after U.S. President Donald Trump suggested Colombian President Gustavo Petro could face U.S. action following the capture of Nicolás Maduro.

Tension rises in Colombia after Maduro’s capture

Nicolas Maduro appeared in a US courtroom on January 5, 2026. He pleaded "Not Guilty" to drug trafficking and other charges, insisting he is still Venezuela's president. Maduro's kidnapping is being justified by the Trump administration as a "surgical law enforcement operation", but what proof is the case resting on?

Breakdown