The Mar’26 Brent futures contract climbed from $60.75/mt at 11:45 GMT to $61.27/bbl at 14:35 GMT, where it briefly met resistance and eased below $61/bbl, before recovering to $61.35/bbl at 17:30 GMT (time of writing). According to a Reuters exclusive report, Vitol has received a preliminary special license from the US government to conduct negotiations for importing and exporting oil from Venezuela for a period of 18 months. Vitol will reportedly seek to finalise the permit and the terms under which it can operate in the South American country in the coming days. In related news, the Trump administration has invited the heads of Vitol and Trafigura to the White House on 09 Jan for talks on marketing Venezuelan oil, as per a Reuters source. The White House previously stated it would be holding US oil majors on 09 Jan, but this is the first mention of the invitation being extended to trading houses. Nevertheless, US oil majors have stated that they require “serious guarantees” before making significant investments in Venezuela. Meanwhile, US Energy Secretary Chris Wright said there was room for Washington and Beijing to balance commercial roles in Venezuela “as long as … America is the dominant force there, the rule of law, the United States controls oil flow”, reiterating that the US will not allow Venezuela to become a “client state of China.” India’s Reliance Industries Ltd said it would consider buying Venezuelan oil if permitted for sale to non-US buyers. In non-Venezuela news, Iraq’s cabinet has approved plans to nationalise operations at the West Qurna 2 oilfield, attempting to avert disruptions arising due to US sanctions on Russian stakeholder Lukoil. The state-run Basra Oil Company will reportedly take over the oilfield’s operations for a period of 12 months. Finally, at the time of writing, the front-month (Mar/Apr’26) and six-month (Mar/Sep’26) Brent futures spreads stand at $0.48/bbl and $1.05/bbl, respectively.
