File photo: US President Donald Trump (Picture credit: AP)

US President Donald Trump’s idea of taking control of Venezuela’s oil industry and inviting US companies to rebuild it after the capture of President Nicolás Maduro is unlikely to move global oil prices in the near term, analysts say.As per news agency AP, Venezuela’s oil sector has been hollowed out by years of neglect, mismanagement and sanctions, meaning any meaningful jump in production would take time and heavy investment.

Although some damage from recent US military action appears limited, analysts caution that the country’s oil infrastructure has been deteriorating for years. “It has been decaying for many many years and will take time to rebuild,” Patrick De Haan, lead petroleum analyst at GasBuddy, as per AP. Current output stands at about 1.1 million barrels per day, far below historical levels, though some experts believe production could eventually double or even triple if conditions improve.A key hurdle is political stability. American oil companies are unlikely to commit billions of dollars unless there is clarity on who governs Venezuela and whether contracts will be honoured. Uncertainty remains after Trump claimed the United States is now in charge, while Venezuela’s vice president had argued Maduro should be restored to power before the country’s top court named her interim leader.If the US manages to establish control quickly, optimism could rise. Phil Flynn, senior market analyst at Price Futures Group, said that if Washington appears to be running the country even for a short period, US energy firms may be encouraged to step in and revive production, according to AP.Over time, a stronger Venezuelan oil sector could help keep global prices lower and increase pressure on Russia, he added.Oil markets were closed over the weekend, and analysts do not expect sharp price moves when trading resumes. Venezuela’s production is already factored into OPEC output, and the global market is currently well supplied, limiting the immediate impact.Venezuela holds the world’s largest proven crude reserves, estimated at about 303 billion barrels, roughly 17 per cent of global reserves, according to US energy data cited by AP. That scale explains why international oil companies remain interested. Chevron is currently the only US firm with significant operations in the country, producing around 250,000 barrels a day through joint ventures with state-owned PDVSA. ExxonMobil and ConocoPhillips exited Venezuela in 2007 after then president Hugo Chávez nationalised much of the sector.Chevron said it remains focused on employee safety and compliance with laws, while ConocoPhillips said it is monitoring developments but would not speculate on future investments, AP reported.Experts stress that the challenge is less about finding oil and more about trust and stability. “How do you get foreign companies to start pouring money in before they have a clear perspective on the political stability, the contract situation and the like,” asked Francisco Monaldi of Rice University.Even with massive reserves, Venezuela produces less than 1 per cent of global supply. Corruption, sanctions and underinvestment saw output slide from 3.5 million barrels a day in 1999 to current levels. Reaching four million barrels a day could take around a decade and require about $100 billion in investment, Monaldi said.Venezuela’s heavy crude is particularly valuable for producing diesel and asphalt, fuels that are in tight supply globally.As per news agency AFP, US refineries along the Gulf Coast are well-suited to process this type of oil, making access to Venezuelan crude attractive.

Delcy Rodríguez (File photo)

Venezuela’s military on Sunday said it recognised Delcy Rodriguez, deputy to ousted president Nicolas Maduro, as the country’s acting leader, after US forces extracted the former head of state to face trial.Defense minister Vladimir Padrino issued a statement endorsing a Supreme Court ruling that appointed Rodriguez as acting president for 90 days, reported news agency AFP.The head of Venezuela’s military also urged the country’s population to resume their normal activities, after US forces bombed the country and seized its leader Nicolas Maduro.“I call on the people of Venezuela to resume their activities of all kinds, economic, work and education, in the coming days,” Defense Minister Vladimir Padrino Lopez said in a televised address.This comes hours after US Secretary of State Marco Rubio said that discussions of Venezuela holding elections following Nicolas Maduro’s ouster were “premature”. He said the Trump administration was focused on ensuring the remaining leadership in Caracas enacts policy changes.Asked how soon Venezuelan elections would be following Maduro’s capture by US forces on Saturday, Rubio told NBC’s “Meet the Press”: “All of that, I think, is premature at this point.”“What we are focused on right now is all of the problems we had when Maduro was there. We still have those problems in terms of them needing to be addressed. We are going to give people an opportunity to address those challenges and those problems,” he was quoted as saying by AFP.Trump announced on Saturday that US forces had carried out a “large-scale strike” in Venezuela, capturing President Nicolás Maduro and his wife, Cilia Flores, following pre-dawn attacks on Caracas that killed at least 40 people and triggered widespread panic across the capital.After reports of multiple explosions and low-flying aircraft, Venezuelan government forces deployed nationwide and the country entered a state of national emergency. Maduro and his wife have now been indicted in New York on terrorism and drug charges, with Trump accusing Maduro of running a “narco terrorist organisation.”A photo released by Trump on his social media platform Truth Social showed Maduro in handcuffs, wearing a blacked-out mask.Attorney General Pam Bondi posted an unsealed indictment charging Maduro with narco-terrorism, cocaine importation conspiracies, and possession of machine guns, offences that carry severe prison sentences when combined with drug trafficking charges.

Gold and silver prices are expected to remain highly volatile in the coming week as investors react to key US economic data and rising geopolitical tensions following the capture of Venezuelan President Nicolas Maduro by US forces, analysts said.Market participants will closely track a series of important US indicators, including ISM Manufacturing data, December ADP employment figures and the unemployment rate. Comments from several US Federal Reserve officials are also likely to influence sentiment, as traders look for signals on the future path of interest rates and the near-term direction of bullion prices, as per PTI.“Gold prices are likely to remain volatile in the week ahead as there are bullish as well as bearish factors at play,” said Prathamesh Mallya, DVP – research, non-agri commodities and currencies at Angel One, according to PTI.Experts expect aggressive trading at the start of the week, particularly on Monday, as markets digest the geopolitical fallout from the US military operation in Venezuela. The operation reportedly led to the capture of President Nicolas Maduro and his wife, with US authorities accusing them of drug trafficking. Analysts warned that the development could unsettle global markets and push both bullion and crude oil prices higher on concerns over potential supply disruptions from Venezuela, which holds the world’s largest proven oil reserves, reported PTI.Despite the supportive geopolitical backdrop, gold prices corrected sharply last week after hitting record levels in late December. On the Multi Commodity Exchange (MCX), gold futures fell by Rs 4,112, or 2.94 per cent. The yellow metal had earlier surged to a lifetime high of Rs 1,40,444 per 10 grams before sliding over 3 per cent to settle at Rs 1,35,761 per 10 grams on Friday.Mallya attributed the recent decline to profit booking at elevated levels, along with thin liquidity due to year-end and Christmas holidays. He noted that gold traded in a wide range of Rs 1,34,000 to Rs 1,40,000 per 10 grams during the week, reflecting heavy selling pressure and choppy market conditions, as per PTI.Silver prices mirrored gold’s volatility. On the MCX, silver slipped by Rs 3,471, or 1.45 per cent, over the week. After touching a record high of Rs 2,54,174 per kg, prices dropped sharply by Rs 17,858, or 7.02 per cent, to close at Rs 2,36,316 per kg on Friday.Internationally, Comex gold futures declined by $223.1, or 4.9 per cent, during the holiday-shortened week, ending at $4,329.6 per ounce. Silver saw an even steeper fall, sliding 8 per cent, or $6.18. After hitting a record of $82.67 per ounce, silver tumbled 14.1 per cent, or $11.65, to settle at $71.01 per ounce, reported PTI.Pankaj Singh, founder and principal researcher at Smart Wealth AI, said gold’s ability to hold near the $4,300-per-ounce level reflects cautious investor positioning amid easing US inflation and continued safe-haven demand. He added that Silver witnessed a short-term correction after CME Group raised margin requirements for gold futures, which forced a reduction in leveraged positions and triggered selling across ComexLooking ahead to 2026, Singh said gold could rise by 10 to 60 per cent over the year, though sharp interim corrections of up to 20 per cent remain possible in a volatile environment. Silver, he said, faces a potential downside risk of 5 to 30 per cent, but strong industrial demand could drive prices as much as 40 per cent higher if supply constraints persist.“Structurally bullish, policy-driven precious metals cycle may continue, but risk of significant corrections is also possible,” Singh said, reported PTI.

File photo: Union commerce and industry minister Piyush Goyal (Picture credit: PTI)

Union commerce and industry minister Piyush Goyal will travel to Brussels this week for high-level discussions with the European Union on the long-pending India-EU free trade agreement, with negotiations now in their final and most challenging phase.According to an official, Goyal will be in Brussels on January 8 and 9, where he is scheduled to meet Maros Sefcovic, executive vice-president and European commissioner for trade. The minister is expected to leave India on Tuesday night. Commerce secretary Rajesh Agrawal will also be in Brussels for the talks.Ahead of the Brussels visit, Goyal will stop in Liechtenstein on January 7 to hold discussions aimed at expanding trade and investment ties between the two countries. Liechtenstein is a member of the European Free Trade Association (EFTA), which also includes Iceland, Norway and Switzerland. India and the EFTA bloc implemented a free trade agreement on October 1, 2025.The Brussels visit comes at a critical moment for the India-EU Free Trade Agreement (FTA), as both sides step up efforts to close negotiations that have been under discussion for several years. The talks have reached what officials describe as the most complex stage, with sensitive issues still requiring resolution.Earlier, on December 15, commerce secretary Agrawal said negotiations with the 27-nation EU bloc had entered the “most difficult” phase. He noted that both sides were actively working to bridge gaps and move towards an early conclusion. Among the issues under discussion is the European Union’s carbon border adjustment mechanism (CBAM), which has implications for Indian exports, as per news agency PTI.The 16th round of India-EU FTA negotiations was held from December 3 to 9, during which key chapters were discussed. These included trade in goods and services, investment, rules of origin and technical barriers to trade.India and the EU had resumed talks for a comprehensive free trade agreement in June 2022, along with negotiations on an investment protection pact and an agreement on geographical indications. These talks were revived after an eight-year gap, following their suspension in 2013 due to differences over market access commitments.The European Union is India’s largest trading partner in goods. Bilateral trade in goods stood at $136.53 billion in 2024-25, with Indian exports worth $75.85 billion and imports at $60.68 billion, reported PTI. The EU accounts for about 17 per cent of India’s total exports, while exports to India make up around 9 per cent of the bloc’s global shipments.The EU has been seeking significant tariff reductions in sectors such as automobiles and medical devices, along with lower taxes on products including wine, spirits, meat and poultry. It is also pushing for a stronger intellectual property rights regime. On the other hand, Indian exporters see major gains if the agreement is concluded, particularly in sectors such as garments, pharmaceuticals, steel, petroleum products and electrical machinery.The India-EU trade negotiations span 23 chapters, covering areas ranging from customs and trade facilitation to government procurement, dispute settlement and sustainable development.

US secretary of war Pete Hegseth (AP)

US secretary of war Pete Hegseth said Washington’s midnight military operation in Venezuela on Saturday, which also led to the capture of President Nicolas Maduro and his wife was the “exact opposite” of the 2003 Iraq invasion and would not result in prolonged conflict or American casualties.Addressing concerns of Americans about past US interventions, particularly the US-led invasion of Iraq in 2003, which led to significant loss of life and resources.Hegseth said, “The operation in Venezuela marked a complete departure from past military engagements, focusing on achieving objectives without putting American troops at risk,” he said.It’s the exact opposite. We spent decades and decades and spent, purchased in blood and got nothing economically in return. And President Trump flips the script.” Hegseth told CBS Evening News. “Through strategic action, we can ensure that we have access to additional wealth and resources, enabling a country to unleash that without having to spend American blood,” he added.The joint operation involving intelligence agencies and US law enforcement, carried out in Caracas, was described as “bold and audacious” but carefully planned. “This was a bold and audacious move, but it was thought through. It was well orchestrated. Our military had time to set it up. He provided the resources, and then he took that bold stroke and through it we flipped that very dynamic and Americans will benefit,” Hegseth said.Maduro and Flores who were flown out of the country have been indicted on charges of alleged “drug trafficking and narco-terrorism conspiracies” in the Southern District of New York and will face trial, Trump said.Trump on Saturday outlined the US plan for Venezuela following the operation. “We’re going to run the country until such time as we can do a safe, proper, and judicious transition. We want peace, justice and liberty for the great people of Venezuela,” he said. He added, “We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country.”

India has emerged as the world’s largest rice producer, surpassing China with an output of 150.18 million tonnes, Union agriculture minister Shivraj Singh Chouhan said on Sunday.The announcement came as the minister released 184 new varieties of 25 crops developed by the Indian Council of Agricultural Research (ICAR) at an event in the national capital.Addressing the gathering, Chouhan said India has achieved “great success” in developing high-yielding seeds and has transformed from a food-deficient nation into a global food provider. “India has surpassed China in rice production and has become the world’s largest producer,” he said, adding that China’s rice output stands at 145.28 million tonnes. He described the achievement as unprecedented and said India is now supplying rice to overseas markets, as per news agency PTI.The minister noted that the country has adequate foodgrain stocks, ensuring food security. He also directed officials to ensure that the newly released seed varieties reach farmers quickly so that they can benefit from higher yields and better-quality produce.According to PTI, since the gazette notification process began in 1969, a total of 7,205 crop varieties have been notified. Of these, 3,236 high-yielding varieties were approved under the Narendra Modi-led government, compared with 3,969 varieties notified between 1969 and 2014.The 184 new varieties include 122 cereals, six pulses, 13 oilseeds, 11 fodder crops, six sugarcane varieties, 24 cotton varieties — including 22 Bt cotton — and one variety each of jute and tobacco. These have been developed by ICAR institutes, state and central agricultural universities, and private seed companies. The varieties are climate-resilient, high-yielding, and resistant to major pests and diseases.Chouhan said the country has entered a new phase of agricultural revolution driven by climate-resilient seeds and urged scientists to focus on boosting pulses and oilseeds production to achieve self-sufficiency. Agriculture secretary Devesh Chaturvedi said seed multiplication rates have been increased by 1.5 to two times to strengthen availability, with national and state seed corporations ensuring quality seeds at affordable prices.

File photo: US President Donald Trump (Picture credit: AP)

US President Donald Trump capped his holiday break with an unprecedented military operation in Venezuela, ordering a surprise raid that led to the capture of President Nicolas Maduro early on Saturday. The dramatic action came at the end of a winter stay at his Mar-a-Lago estate in Florida, marked by a striking mix of geopolitics, social events and personal pursuits.According to Reuters, Trump spent the days leading up to the operation engaged in activities that appeared far removed from an imminent military mission. On Thursday night, he posted a series of messages on his Truth Social platform, none referring to Venezuela. He warned that the US was “locked and loaded” to support protesters in Iran if they were attacked, shared an image of a bald eagle allegedly killed by a windmill, and assured followers that he was in “PERFECT HEALTH”.Less than 24 hours before the Venezuela strike, Trump was seen inspecting marble and onyx at an Italian stone importer in Lake Worth Beach for a proposed White House ballroom. The visit drew attention as the presidential limousine travelled through a commercial area far from the usual scenes of executive power. A White House official later said Trump was buying the stone at his own expense, without offering further details, as per Reuters.Since arriving at Mar-a-Lago in mid-December, Trump’s schedule has blended high-level diplomacy with social engagements, including meetings with foreign leaders and a black-tie New Year’s Eve gala attended by Palm Beach elites. Supporters describe this as proof of his ability to juggle multiple priorities. Critics, however, argue that he often appears distracted by personal interests even as his administration prepares for major actions, such as a strike on a foreign government.On New Year’s Eve, while US military assets were already positioned for the operation against Maduro, Trump posted sarcastically about George and Amal Clooney, both of whom have criticised him, receiving French citizenship.Later that night, during the Mar-a-Lago gala, he invited artist Vanessa Horabuena on stage to paint an image of Jesus Christ, which was auctioned for $2.75 million. Trump said the proceeds would go to St Jude Children’s Research Hospital and the Palm Beach County Sheriff’s Office.The marble purchase was linked to Trump’s long-standing interest in architecture, particularly his plan for a new White House ballroom, estimated to cost $400 million. “I’m doing a magnificent, big, beautiful ballroom that the country’s wanted,” Trump said last week alongside Israeli Prime Minister Benjamin Netanyahu, according to Reuters.The Venezuela operation, codenamed “Operation Absolute Resolve”, involved pre-dawn strikes in Caracas and led to the capture of Maduro and his wife, who now face charges in New York. The legality of the action has been questioned by critics, while India’s external affairs ministry has urged restraint and dialogue.Within hours of a golf outing and a meeting with the US ambassador to China on Friday night, the plan to seize Maduro was put into action, indicating the sharp contrasts that have defined Trump’s holiday routine.