The impact has extended far beyond the immediate spill. Coastal communities, particularly artisanal fishers, have faced lasting economic and social consequences as fishing activities were disrupted and biodiversity declined. Even years later, traces of contamination remain, raising ongoing concerns about environmental recovery, public health , and the effectiveness of accountability measures.

This story is part of Global South Voices, with footage and interviews captured by Eugenio Albrecht.

Republican Representative María Elvira Salazar, who chairs the panel, praised President Donald Trump’s Venezuela policy and said no recent administration had gone as far. In opening remarks released by the committee, Salazar said Maduro’s fall had changed the region and increased pressure on other authoritarian governments, especially Cuba.

Democrats on the panel, however, questioned both the legality and the motives behind U.S. action in Venezuela. Representative Joaquin Castro argued that the intervention was driven less by democratic ideals than by oil and warned that a similar strategy toward Cuba could further destabilise the region.

"This administration did not invade Venezuela because it was outraged by that theft, though. And to be clear, I would not have supported an invasion to enforce the results of the election. We know why the president ordered US service members into harm's way. Venezuela's oil, not democracy ," Castro said.

His remarks came amid heightened tensions between Washington and Havana, with Cuban President Miguel Díaz-Canel recently warning against any U.S. attack and saying such a move would have serious regional consequences.

The United States exported roughly 4.0 million barrels per day (bpd) of crude oil in 2025, a 3% drop from the previous year despite record domestic production of 13.6 million bpd, the EIA said.

The Netherlands topped the list of U.S. oil importers, purchasing about 419 million barrels in 2025, accounting for roughly 10.7% of total exports.

Much of that oil flows through Rotterdam, one of the world’s largest energy hubs, where crude is refined or redistributed across Europe.

Mexico followed closely with 398 million barrels, while Canada ranked third at 324 million barrels, highlighting the continued strength of North American energy trade ties.

Other major buyers included South Korea, Japan, China and India, reflecting sustained demand from Asia even as regional flows shifted.

Top buyers of U.S. oil in 2025 (millions of barrels)

Europe remains dominant market

Europe has been the leading destination for U.S. crude since 2023, driven largely by efforts to replace Russian supplies following the Ukraine war.

However, exports to Europe fell by around 7% in 2025 as higher output from OPEC countries displaced some U.S. volumes.

Within the region, the United Kingdom recorded one of the steepest declines, with imports dropping roughly 35%, while the Netherlands increased purchases, offsetting some of the regional fall.

Exports to Asia and Oceania also weakened , particularly to China and Singapore. U.S. shipments to China plunged sharply amid trade tensions and competition from discounted oil supplied by countries such as Russia and Iran.

By contrast, India and Japan increased imports of U.S. crude, signalling a partial rebalancing of demand within the region.

Despite the 2025 decline, U.S. crude exports remain historically high. Since the lifting of a decades-long export ban in 2015, shipments have surged dramatically, rising to levels roughly 85 times higher than in 2011.

The United States has also maintained its status as a net petroleum exporter in recent years, reflecting strong production growth and expanding infrastructure.

China is shown as the largest single destination, taking roughly 23% of flows, followed by India at 13%, with Japan, South Korea and Southeast Asia also accounting for significant shares.

According to the U.S. Energy Information Administration , around 84% of crude oil and condensate shipped through the Strait of Hormuz in 2024 was destined for Asian countries.

China, India, Japan and South Korea alone accounted for roughly 69% of total flows, making them the most exposed to any disruption.

The International Energy Agency estimates that nearly a third of globally traded crude oil passes through the strait, with China and India together receiving about 44% of these exports.

The Strait of Hormuz handles around 20 million barrels of oil per day, roughly a fifth of global petroleum consumption, making it the most important oil transit chokepoint in the world.

It also carries a significant share of global liquefied natural gas, particularly exports from Qatar, one of the world’s largest LNG suppliers.

Despite its importance, alternatives remain limited. Pipelines in Saudi Arabia and the United Arab Emirates can bypass part of the route, but cannot fully replace their capacity in the event of a disruption.

By contrast to Asia, Western economies account for a much smaller share of direct imports.

The United States and Europe together receive less than 10% of oil flows through the strait, reflecting increased domestic production in the U.S. and diversified supply chains in Europe.

In 2024, the U.S. imported only about 7% of its crude oil from Persian Gulf countries via the strait, highlighting its reduced dependence compared with previous decades.

The Strait’s strategic importance has made it a recurring focal point of geopolitical tension.

Recent conflicts involving Iran, Israel, and the USA have once again highlighted the vulnerability of global energy supply chains, with shipping disruptions triggering price volatility and raising fears of broader economic fallout.

Roughly a fifth of the world’s oil consumption passes through the narrow waterway between Iran and Oman, making it a critical artery for global markets and a persistent geopolitical flashpoint.

Recent breakdowns of oil and gas shipments through the strait show Saudi Arabia accounting for the largest share at approximately 28%, followed by Iraq at 18%. The United Arab Emirates and Qatar each contribute about 14%, while Iran and Kuwait supply around 11% each. Bahrain accounts for a smaller share at roughly 6%.

The distribution reflects the concentration of hydrocarbon production in the Gulf region, where some of the world’s largest proven oil reserves are located.

According to The New York Times, disruptions in the Strait of Hormuz have long been viewed as a worst-case scenario for energy markets, with even minor incidents capable of triggering price spikes and supply fears.

At its narrowest point, the strait is just 21 miles (34 km) wide , with shipping lanes only a few miles across in each direction. This physical constraint leaves little margin for error in the event of military escalation, accidents or blockades.

The waterway serves as the primary export route for oil producers in the Persian Gulf, particularly for countries whose infrastructure is heavily oriented towards maritime transport.

The New York Times has reported that tensions involving Iran, including threats to restrict passage, have repeatedly raised alarms among Western governments and energy traders.

Efforts to diversify export routes, including pipelines that bypass the strait, have expanded in recent years. However, The New York Times notes that these alternatives still account for only a fraction of total export capacity, leaving the majority of flows dependent on the chokepoint.

American Airlines said it plans to resume flights to Venezuela as early as April 30, potentially becoming the first US carrier to return after a seven-year suspension of services. The airline received approval from the US Department of Transportation in early March and is now working with authorities in both countries to finalise security and regulatory requirements. If cleared, the carrier will operate daily nonstop flights between Miami and Caracas using Embraer 175 aircraft, with services run by its regional subsidiary Envoy. The move follows a major shift in US–Venezuela relations after the January 3 operation that led to the capture of Nicolás Maduro, which prompted Washington to lift a long-standing ban on commercial flights imposed in 2019 over safety concerns.

Venezuela opens mining sector to private investors after oil overhaul

Venezuela has approved sweeping reforms to open its mineral sector to private and foreign investors, just weeks after easing state control over oil, as part of a US-backed economic shift. The new law introduces long-term concessions, legal protections and international arbitration to attract investment into a sector long dominated by the state and plagued by illegal mining. The move follows the January removal of Nicolás Maduro and the rise of interim leader Delcy Rodríguez, who is pushing market-oriented reforms to revive the economy. Despite vast reserves of gold, diamonds and other minerals, much of the sector remains underdeveloped and controlled by illicit networks, raising doubts about how effectively the reforms can be enforced.

Venezuela’s scrapped plan to acquire Iranian ballistic missiles

In 2020, Venezuela’s defence ministry under Nicolás Maduro set aside more than $400 million to acquire a ballistic missile system from Iran, according to internal documents cited by officials familiar with the plan. The proposal was part of broader discussions between Tehran and Caracas over transferring long-range missile capabilities, raising concerns in Washington that such weapons could threaten US territory. US officials at the time pushed back strongly, warning that any transfer would not be tolerated. The deal was ultimately abandoned under American pressure, and no missiles were delivered, though evidence suggests negotiations had advanced further than publicly acknowledged.

Venezuelan police block wage and pension protesters in Caracas

Workers and retirees in Caracas marched towards the presidential palace, demanding higher wages and decent pensions, but were blocked by police, highlighting deepening anger over incomes of about $160 a month in the public sector and $237 in the private sector, far below the cost of living. The protest came a day after interim President Delcy Rodríguez urged patience while promising a cautious wage increase. Still, demonstrators pushed past initial barricades before being stopped roughly 2 kilometres from the Miraflores palace, underscoring growing frustration with years of stagnant pay and limited purchasing power.

Delcy Rodríguez stays on as Venezuela’s acting president beyond the 90-day limit

Delcy Rodríguez has remained Venezuela’s acting president beyond the 90-day constitutional limit set after Nicolás Maduro’s capture, with lawmakers yet to formally extend her mandate, leaving her tenure legally uncertain. A court ruling still recognises Maduro as president, describing his absence as “forced”, while the constitution allows an interim leader for 90 days, extendable once by the National Assembly, which has not held a vote. Analysts say the situation reflects a familiar pattern of legal manoeuvring to maintain power amid ongoing political uncertainty.

“Ukrainians have clear objectives. The goal of the Ukrainians is to oust Russian gas from Europe and exclude Russian oil entirely. To this end, they have taken political steps, and even legal actions have been initiated, as we must not forget that the first such violent event related to energy supply was the explosion of the Nord Stream gas pipeline,” he said.

He further alleged a pattern of actions targeting energy infrastructure.

“Ukrainians blew up the Nord Stream pipeline, and then they closed the major natural gas pipeline through their territory,” Szijjarto continued. “In recent weeks, they attacked several times with dozens of drones the TurkStream pipeline on Russian territory. And now, it aligns with this that yesterday the Serbian authorities prevented a terrorist attack in which they intended to blow up the Serbian section of the TurkStream pipeline.”

The Nord Stream pipeline explosions in 2022 were blamed on Ukraine, with German investigators identifying Ukrainian divers involved. The United States was also implicated in some media reports, while both Washington and Kyiv denied involvement.

Szijjarto stated that TurkStream plays a key role in Hungary’s energy supply, accounting for about 56% of its daily gas needs. He announced plans to deploy military protection along the 250-kilometre pipeline.

Djibouti this week opened a major ship repair yard , a move aimed at strengthening its position along one of the world’s busiest shipping corridors. The facility is expected to provide maintenance services for commercial and military vessels passing through the Bab el-Mandeb Strait, a key chokepoint linking the Red Sea to the Indian Ocean. Officials say the project forms part of a broader strategy to transform Djibouti into a leading logistics and maritime services hub, reducing reliance on foreign repair facilities while boosting employment and economic diversification. The country’s ports already play a central role in regional trade, serving as the primary maritime gateway for landlocked Ethiopia and handling thousands of ships annually.

Energy flows and economic fragility

At the same time, Djibouti’s economic outlook remains closely tied to regional stability. Recent tanker movements into the country highlight its role in energy supply chains, particularly for neighbouring Ethiopia, which depends heavily on Djibouti’s port infrastructure. However, the International Monetary Fund has warned that the broader Horn of Africa remains vulnerable to external shocks, including instability in Gulf energy markets and disruptions to shipping routes. The Bab el-Mandeb Strait itself carries a significant share of global oil shipments, making any disruption to the corridor a major concern for international energy markets.

Rising tensions in key shipping routes

Concerns have intensified as conflict linked to Iran and its regional allies increasingly affects major maritime chokepoints. The Strait of Hormuz and Bab el-Mandeb, both vital for global energy flows, have come under renewed scrutiny amid escalating hostilities. Recent developments in the Iran conflict have seen attacks on commercial shipping and the rerouting of vessels away from high-risk areas, raising costs and delays for global trade. Security analysts warn that if disruptions in the Strait of Hormuz intensify, the Bab el-Mandeb could become even more critical, placing Djibouti at the centre of shifting global shipping patterns.

The Horn of Africa as a new frontline

The region’s strategic importance is further underscored by its growing military significance. Djibouti hosts multiple foreign military bases , including the only permanent United States base in Africa, making it a focal point for international operations. Analysts say the Horn of Africa is increasingly being drawn into broader geopolitical rivalries, including tensions involving Iran, Israel and Gulf states. Military infrastructure, trade routes and alliances are turning the region into an “active front” in wider conflicts. Recent warnings suggest that strategic sites in Djibouti and neighbouring areas could become targets in the event of further escalation, particularly as proxy conflicts spill into maritime domains.

Figures drawn from multiple media and defence sources indicate that more than 1,300 ballistic missiles and nearly 3,900 drones were deployed by Iran in roughly the first five weeks of the conflict, underscoring the scale of its initial offensive.

The bulk of Iran’s launches occurred in the opening phase of the conflict . In the first week alone, hundreds of missiles and over a thousand drones were reportedly fired, reflecting what analysts describe as a “shock-and-saturation” strategy aimed at overwhelming air defence systems.

Data compiled by Al Jazeera shows that in the first 24 hours, Iran fired 167 missiles and over 500 drones at targets in the region, including the United Arab Emirates.

This intensity was consistent with broader patterns observed in the early days of the conflict, when large salvos were used to expand the battlefield and test defensive systems across multiple countries.

However, the pace of launches dropped significantly in subsequent weeks.

Sustained U.S. and Israeli airstrikes targeting missile infrastructure and launch sites led to a dramatic reduction in Iran’s firing rate , in some cases by up to 90% compared with the early days of the war.

By mid-conflict, Iran was launching roughly 20 to 30 missiles per day on average, alongside continued drone attacks, according to defence analysts tracking the war.

Despite the reduction, attacks continued across the region, with Gulf states reporting interceptions of missiles and drones targeting energy infrastructure and military bases.

One of the most notable trends has been the scale of drone warfare. Drones accounted for the majority of Iran’s launches during the first five weeks, reflecting their lower cost and ability to evade defences when used in large numbers.

Even as launch rates declined, Western intelligence assessments suggest Iran retained a significant portion of its arsenal and operational capacity.

Recent reporting indicates that only part of Iran’s missile and drone inventory has been destroyed, with mobile launch systems and underground storage allowing continued attacks despite heavy bombardment.

“We are in touch with Iran and other countries there to see how best we can get unimpeded transit and safe transit for our ships, which are carrying products including LPG, LNG and other products. Through this conversation that we have had over the last several days, we have had six Indian ships which have been able to safely cross Hormuz and we continue to be in touch with relevant parties on this matter,” Viory quotes.

He said New Delhi would continue engaging with relevant parties to safeguard the movement of Indian vessels through the strategic waterway.

Scaled-down ‘Visita Iglesia’

The impact of higher fuel prices is most visible in Visita Iglesia, a Maundy Thursday tradition where devotees visit seven or more churches to pray the 14 Stations of the Cross

This year, some Catholics are compressing the ritual — opting to visit just one church and complete all 14 stations within its premises, rather than travelling across multiple locations.

Others are limiting their routes to nearby parishes, abandoning longer trips that previously stretched to provinces such as Pampanga, Ilocos or Tagaytay.

The shift reflects the sharp rise in fuel prices, with gasoline costs nearly doubling in some cases, prompting households to cut back not only on travel but also on electricity and other daily expenses.

Urban centres such as Quezon City and Manila have seen steady foot traffic in major churches, suggesting that while mobility has been curtailed, participation in the tradition remains intact — albeit in a more localised form.

‘Jesus’ prays for the Middle East

In Pampanga, one of the country’s most extreme expressions of Holy Week devotion has taken on a contemporary geopolitical dimension.

In San Pedro Cutud, San Fernando, a long-time devotee known as the “Christ of Pampanga” marked his final crucifixion after 37 years — dedicating the act to prayers for peace in the Middle East.

The ritual, in which participants are nailed to wooden crosses, drew about 8,000 spectators at the main site and more than 15,000 across five locations this year, according to organisers.

The annual reenactment, already physically demanding, unfolded under intense heat, with some attendees fainting during the ceremonies, though no major incidents were reported.

The retiring devotee, aged 65 and managing health issues including asthma, required oxygen support after the performance — underscoring both the personal toll and enduring appeal of the tradition, which continues to draw both local and foreign visitors.

Travel demand still up 50%

Despite mounting cost pressures, data suggest that Filipinos are still travelling in large numbers during Holy Week — though with notable adjustments.

Outbound travel demand rose by 50% year-on-year for the April 1 to 12 period, while domestic bookings increased by 25%, according to travel platform Trip.com.

However, travellers are increasingly favouring destinations closer to home, particularly within Asia. Hong Kong, Tokyo and Singapore topped outbound preferences, followed by Bangkok and Taipei, with longer-haul trips to Europe and the United States seeing reduced demand as airfares climbed sharply.

Holy Week remains one of the Philippines’ busiest travel periods, with bookings made earlier — averaging 74 days in advance — as travellers seek to manage rising costs.

Nigeria’s banking sector has received a major boost after 33 banks raised a combined ₦4.65 trillion (about $3 billion) under the Central Bank of Nigeria’s recapitalisation programme. The CBN said the funds, sourced from both local and international investors, will strengthen the financial system and improve its ability to support economic growth. Governor Olayemi Cardoso said the exercise “has strengthened the capital base of Nigerian banks,” ensuring resilience against domestic and external shocks, while a few institutions remain under regulatory processes. “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks,” the Punch quotes Cardoso.

Nigerian arrested in India over $330,000 drug network

A Nigerian national has been arrested in Bengaluru, India, for allegedly running a drug distribution network involving substances worth an estimated $330,000. Police said Samuel Ikkena operated the network under the cover of a clothing business, procuring and distributing MDMA and other drugs. Authorities recovered large quantities of narcotics, including cannabis and heroin, with the total street value estimated at over $650,000. The arrest forms part of a crackdown that led to multiple arrests across the city.

$960bn revenue as port modernisation begins

The Nigerian Ports Authority (NPA) says it is set to begin modernisation of the Apapa and Tin Can Island ports to improve efficiency and competitiveness. The agency is targeting ₦1.489 trillion (about $960 billion) in revenue for 2026, slightly higher than the previous year’s target. Managing Director Abubakar Dantsoho said the upgrades will help redistribute cargo traffic to other ports during construction and boost overall activity. “Apapa and Tin Can Island ports are very old and small for the required global competitors in the ports business. Apapa Port is about 100 years old, while Tin Can is over 50 years old, with inadequate capacities in size and vessel containments for modernized operations. Groundbreaking of projects on their modernization will commence in two or three weeks," he said. A significant portion of the projected revenue is earmarked for capital projects and operational expenses.

Oil reserves dip as gas reserves grow

Nigeria’s crude oil and condensate reserves have declined marginally by 0.74 percent to 37.01 billion barrels as of January 2026. However, gas reserves rose by 2.21 percent to 215.19 trillion cubic feet, reflecting new discoveries and improved reservoir studies. The regulator said the changes were largely due to production levels and updated technical evaluations, noting that the country still maintains long-term reserve life projections.

Tourism sector gets boost after regulatory suspension lifted

Nigeria’s hospitality and tourism sector are set for revitalisation following the federal government’s decision to lift a suspension on regulatory activities. The Director-General of NIHOTOUR, Abisoye Fagade, described the move as a “forward-thinking strategy” aimed at strengthening industry participation, improving standards, and driving economic diversification. Stakeholders say the policy shift could unlock new investments and position tourism as a key contributor to national development.

The Strait of Hormuz is a narrow waterway located between Iran, the United Arab Emirates (UAE), and Oman. It is one of the most important global energy transit routes, with about 20% of the world’s oil and liquefied natural gas passing through it. The strait has been effectively closed by Iran since the United States and Israel launched attacks on 28 February. This has disrupted one of the world’s busiest oil shipping channels.

"Russia can offer the world such solutions and play an important role in shaping the new architecture of global logistics and international trade as a whole. For our partners, Russian logistic routes can be economically beneficial due to reduced transportation times as well as in terms of diversifying global transport flows," he added.

According to estimates from the US Energy Information Administration (EIA), about 20 million barrels of oil passed through the strait per day in 2025. This represents nearly $600 billion (£447 billion) in annual energy trade .

“There should be no panic in South Africa; panic kills,” Mantashe said, insisting that vessels carrying cargo for South Africa have not faced interruptions or threats while transiting the strait.

His comments came as MPs pressed the government on whether the country is prepared for sustained disruptions.

Mantashe acknowledged that while supply may still be flowing, South Africa cannot escape price pressures if global oil costs continue rising. With the next fuel price adjustment expected soon, he said motorists should brace for the possibility of higher pump prices driven by events beyond Pretoria’s control.

He argued that South Africa’s long-term protection against recurring oil shocks would require developing domestic petroleum resources. “The only way is to drill, drill, drill and produce our own petroleum,” he said.

Mantashe said, government will keep monitoring shipping and supply conditions while engaging partners, including through the BRICS bloc.

The executive order frames the US-Israel-Iran conflict as an external shock that could quickly spill into inflation in an economy that imports most of its fuel. To blunt that impact, the government said it will roll out targeted fuel support for key sectors, tighten enforcement against hoarding and profiteering, and accelerate approvals for projects meant to stabilise supply and electricity generation, The Straits Times reports.

Meanwhile, Jeepney drivers have staged transport strikes over rising diesel costs, arguing that higher fuel prices are cutting into already slim earnings. In the aviation sector, budget carrier Cebu Pacific has suspended several international routes until October, citing operational adjustments due to the rise in fuel costs and regional uncertainty.

Marcos also warned that tougher measures could follow if conditions deteriorate further, including possible restrictions on flights.

The emergency steps can remain in force for up to one year unless lifted earlier.

Trump is now urging countries, including China, Japan , and others, to take part in efforts to reopen the strait. Reports indicate that the United States has approached about seven countries, including China, the United Kingdom, France, Japan, and South Korea, to provide naval support in the region. These efforts include escorting oil tankers and conducting de-mining operations to ensure safe passage.

The United States, however, is not the country most directly affected by a blockade. Over the past decade, it has become one of the world ’s largest oil producers. Much of its oil imports now come from Canada, Mexico, and other countries in the Western Hemisphere. As a result, only a small portion of the U.S. oil supply depends on the Strait of Hormuz.

Oil prices have surged above $100 per barrel as military strikes, tanker attacks and the disruption of shipping through the Strait of Hormuz rattle global markets.

Global energy watchdog, the International Energy Agency (IEA), said on Thursday, March 12, the conflict has created the "largest supply disruption in the history of the global oil market", removing millions of barrels a day from the market.

The Strait of Hormuz alone normally carries about one-fifth of the world’s oil supply. With shipping traffic collapsing after Iranian retaliation and US-Israeli strikes, global energy markets have entered a period of extreme volatility.

For Africa, the consequences could be severe.

According to a Ghanaian financial analyst, Nelson Cudjoe Kuagbedzi, the biggest risk for African economies lies in the disruption of international supply chains.

“Okay, so I think the biggest risk has to do basically with the disruption in the international supply chains,” he told Global South  World. “Most of the goods and products that we use in Africa are imported, most especially petroleum products.”

That vulnerability is rooted in the structure of Africa’s energy sector. Despite producing crude oil, the continent lacks sufficient refining capacity and therefore imports much of the fuel it consumes.

In fact, Africa imports more than 70% of its refined petroleum products, leaving economies highly exposed to fluctuations in global oil markets.

Nelson says the continent’s limited production also makes it impossible to cushion the impact of a prolonged conflict.

“It is also important to know that the total crude output in Africa represents less than 10% of global crude output,” he explained.

The crisis also exposes another longstanding economic challenge of how Africa exports raw materials but imports many finished products.

“We haven't also developed our economies enough to the extent that we will use homegrown solutions to solve homegrown policies,” Kuagbedzi said.

“I mean, raw cocoa, raw gold, raw coffee, raw timber.”

For him, the war should serve as a wake-up call.

However, the Middle East remains the backbone of global oil supply. Many members of the Organisation of Petroleum Exporting Countries (OPEC) are located in the region, producing a significant share of the petroleum used worldwide.

According to Nelson, that concentration makes Africa particularly vulnerable.

“Most of the OPEC members that produce the chunk of the petroleum products, whether crude or refined, that we use in Africa, most of those OPEC members are in the Middle East,” he said.

With tanker traffic through the Strait of Hormuz disrupted and oil shipments stalled, markets are already reacting. Brent crude surged past $100 per barrel for the first time since the Ukraine war's energy shock.

If the crisis deepens, some analysts warn prices could climb much higher, intensifying inflation worldwide.

Authorities uncovered a public funds embezzlement scheme at Sebha University involving the treasury head and a bank correspondent. The suspect stole cheque books, forged signatures, and issued payments totalling 1.629 million dinars, later withdrawn in cash through bank accounts.

Illegal migrants rescued after vehicle rollover southeast of Kufra

A vehicle transporting illegal migrants overturned about 370 km south of Kufra in southeastern Libya. Security patrols found 40 men, women, and children in severe humanitarian distress after more than three days without food or water. The accident claimed two lives at the scene. Patrols provided emergency assistance and first aid before transferring the survivors to a shelter in Kufra, where they received medical treatment and completed the necessary administrative procedures.

Dbeibah announces 13 new ministers in government reshuffle.

Libyan PM Abdulhamid Dbeibah announced 13 new ministers in a Government of National Unity reshuffle aimed at filling vacant cabinet posts. The move received backing from the Presidential Council and the High Council of State as part of efforts to complete the government’s ministerial structure.

Libya and France discuss bilateral ties and political developments

Foreign Minister Taher Al-Baour held talks with French Ambassador to Libya Thierry Vallat on strengthening cooperation between the two countries and recent political developments in Libya. Discussions also covered the Government of National Unity’s efforts to improve security and stability ahead of planned parliamentary and presidential elections. Vallat highlighted progress in development projects in the Misrata Free Zone, while both sides expressed interest in expanding bilateral cooperation.

Rising Middle East tensions push oil above $100

Oil climbed back above $100 a barrel as tensions in the Middle East intensified. Iran’s actions raised fears of disrupted energy supplies, especially around the Strait of Hormuz, a key route for global oil shipments. Reports of attacks on oil infrastructure in Iraq and Bahrain, along with intercepted drones targeting Saudi facilities, added to market anxiety. Meanwhile, the International Energy Agency announced a record release of 400 million barrels from strategic reserves, but the move did little to calm prices.

Prime Minister Sanae Takaichi has also taken a clearer public stance than Chinese President Xi Jinping, condemning the war and particularly Iran’s attacks on civilian facilities.

Additionally, Japanese Foreign Minister Toshimitsu Motegi on Monday urged Iran to exercise restraint during a phone call with Iranian Foreign Minister Abbas Araghchi, calling for an early de-escalation as attacks between the warring sides intensify.

“The continued exchange of attacks has worsened the regional situation, and I called for an early de-escalation,” Motegi told reporters.

He also pressed Iran to stop attacks on civilian facilities in Gulf states and end threats to shipping in the Strait of Hormuz, a route through which much of Japan’s energy imports pass. Motegi additionally sought the release of two Japanese nationals detained in Iran.

Oil release pledge

The diplomatic engagement comes as Tokyo moves aggressively to cushion the economic fallout from the conflict.

Japan has pledged to release 80 million barrels of oil as part of an unprecedented 400-million-barrel coordinated intervention by 32 members of the International Energy Agency, aimed at calming markets shaken by the prospect of supply disruptions.

Takaichi said the government would begin releasing oil reserves as early as Monday as tankers struggle to pass through the Strait of Hormuz.

“As oil tankers continue to be virtually unable to pass through the Strait of Hormuz, oil imports into our country are expected to decrease significantly from later this month,” Takaichi said.

Japan plans to release 15 days’ worth of private reserves and one month of state reserves, marking the first time the country has independently tapped its stockpiles to stabilise markets.

Preparations at home

But back home, the crisis is also reshaping Japan’s domestic energy debate. 

Opposition leader Yuichiro Tamaki of the Democratic Party for the People has called for the country to restart all available nuclear reactors to reduce dependence on Middle Eastern fuel.

“Unless we make full use of nuclear power… electricity bills will inevitably rise,” Tamaki said.

Japan shut down all 54 reactors after the 2011 Fukushima disaster, but only 15 of the remaining operable units have since restarted.

Economic officials are also preparing for wider economic fallout , with Finance Minister Satsuki Katayama saying the government was coordinating with G7 partners and stood ready to act against market volatility triggered by the conflict.

“Markets are very volatile in the wake of developments in Iran. We are ready to take all necessary steps, coordinating closely and nimbly with overseas authorities,” she told parliament.

With energy security and market stability at stake, Tokyo appears increasingly ready to step into the diplomatic and economic space left open.

The UN Office for the Coordination of Humanitarian Affairs (OCHA) said hospitals are facing frequent blackouts, shortages of essential medicines and difficulties operating critical equipment, with major disruption to services including oncology care, dialysis, emergency services and maternal and infant care. OCHA said about 16,000 cancer patients need radiotherapy, and more than 12,000 relying on chemotherapy are being affected by power and resource shortages.

Fuel shortages are also limiting ambulance movements and slowing aid operations. OCHA said nearly one million people depend on water delivered by tanker trucks, while more than 80% of water-pumping infrastructure relies on electricity, leading to widespread service disruptions.

The UN said it is engaging member states, including the United States, to ensure humanitarian assistance can be delivered.

Data from the Organization of the Petroleum Exporting Countries shows Venezuela holds the world’s biggest proven reserves, estimated at more than 303 billion barrels. Iran ranks third with about 208 billion barrels, behind only Saudi Arabia.

On paper, the U.S. military actions against these two countries were justified differently.

In Venezuela , Washington accused President Nicolás Maduro of leading a drug cartel and repeatedly portrayed the country as a source of deadly narcotics entering the U.S. Officials also described Maduro as responsible for mass migration into the U.S. and accused his government of exploiting American oil interests.

Iran , meanwhile, was framed as a security threat. U.S. Secretary of State Marco Rubio said Washington knew Israeli action was imminent and that the U.S. had to act “pre-emptively” against expected Iranian attacks on American forces.

But both countries also sit on vast oil reserves at a time when the U.S. remains heavily dependent on crude.

The U.S. consumes about 20.6 million barrels of oil a day. Roughly 40 percent of that — about 9.1 million barrels — is used to power motor vehicles. The country imports around half of its daily crude supply, more than 10 million barrels a day.

Will Trump do to Iran what he did with Venezuela?

In late February, U.S. and Israeli strikes on Iran triggered the most serious regional crisis in years. The attacks killed Iran’s Supreme Leader and targeted military and strategic sites across the country, drawing Tehran into direct confrontation with Washington and its allies.

Iran is not only a regional power but also one of the world’s largest oil producers. Any disruption to its energy sector reverberates through global markets.

At the same time, Washington has moved to rebuild Venezuela’s oil industry with the help of American firms.

The U.S. Department of State said the Trump administration has issued a series of licences allowing U.S. companies to market Venezuelan oil, supply essential production inputs and repair the country’s ageing oil infrastructure.

One licence authorises firms incorporated in the U.S. to market Venezuelan crude to buyers around the world, including largely in the U.S. Payments must be made on commercial terms and deposited into accounts in the U.S. overseen by the State and Treasury departments.

Other licences allow U.S. companies to sell diluent needed to produce Venezuela’s heavy crude and to provide equipment and services for the oil and gas sector. Additional authorisations permit negotiations on new upstream investment projects.

Washington has said the measures are designed to rebuild Venezuela’s energy sector after years of instability and mismanagement.

The State Department said revenues from the oil trade will be handled transparently and used for the benefit of the Venezuelan people, while the investments are intended to help modernise the country’s energy infrastructure.

U.S. officials have also framed the policy in terms of energy security.

Interior Secretary Doug Burgum said Venezuela — once heavily sanctioned — is becoming a “ strategic ally ” with the world’s largest oil reserves. Venezuelan crude, he said, could help stabilise fuel prices in the U.S. and reduce vulnerability to disruptions elsewhere.

Venezuela’s state oil company, Petróleos de Venezuela S.A., has already signed new contracts to supply crude and refined products to refineries along the U.S. Gulf Coast.

Taken together, the developments place the world’s largest oil consumer closer to two of the biggest oil reserves on earth — one through renewed energy ties in its own hemisphere, the other amid escalating conflict in the Middle East.

Nevertheless, reports in the US suggest that Russia is using its satellite and intelligence capabilities to keep its ally up to date on US and Israeli movements.

Donald Trump has brushed off questions about the cooperation, saying he is dealing with bigger problems. Amid a surge in global energy prices caused by the conflict, the US has also temporarily suspended its demands that India should refrain from buying Russian oil.

This gives Russia an interest in ensuring Iran can continue to disrupt neighbouring supply routes, according to security consultancy Eigenrac .

“We assess it as likely that Russia may continue providing Iran with intelligence or targeting support on US and allied assets in the region. Beyond strategic alignment against the United States , Moscow also has an economic incentive to sustain pressure on Gulf energy routes. Prolonged disruption or effective closure of the Strait of Hormuz would tighten global supply and could extend preferential arrangements such as India’s current 30-day window to purchase discounted Russian oil,” Eigenrac said in a briefing.

However, the analysts noted that with large investments and an expatriate community in the UAE, Russia may choose to discourage Iran from targeting cities there.

Given the desperation of the Iranian government in its fight for survival, “the impact of such dissuasion may be comparatively low, however,” Eigenrac noted.

Oil prices have already reacted to the disruption. A barrel of crude, previously trading between $65 and $70 before the conflict intensified, has climbed to around $80, reflecting fears of prolonged instability in one of the world ’s most critical energy corridors.

Higher prices are likely to be felt acutely in Africa, where many countries rely heavily on imported fuel. Nations including Nigeria, Kenya, Ghana, Uganda, South Africa and Tanzania depend on petrol, diesel and liquefied petroleum gas for transport, cooking and electricity generation, particularly in areas with unreliable power grids.

The conflict is also disrupting supply chains from Gulf economies such as the United Arab Emirates, Saudi Arabia and Qatar, which export petrochemical feedstocks used in plastics, textiles, fertilisers and other goods consumed across Africa.

The above map shows that Japan, South Korea, India and China would be among the biggest losers if the Strait of Hormuz were blocked, reflecting their heavy reliance on crude oil shipped from the Persian Gulf.

The Strait of Hormuz, located between Iran and Oman, connects the Persian Gulf to the Arabian Sea and is widely considered the most critical oil transit chokepoint in the world. According to energy analytics firm Kpler, roughly 20% of the world’s oil supply passes through the strait every day, making it essential to global energy markets.

Any disruption would send shockwaves through global trade, pushing oil prices higher and threatening energy security for countries that rely heavily on Gulf crude.

The waterway is only about 33 kilometres wide at its narrowest point, meaning shipping lanes are particularly vulnerable to military conflict or blockades.

Japan appears to be the most vulnerable major economy in the graphic. Around 75% of its crude oil imports pass through the Strait of Hormuz, equivalent to roughly 1.6 to 1.8 million barrels per day.

The Japan Times has reported that the country remains deeply dependent on Middle Eastern oil despite efforts to diversify energy sources since the 2011 Fukushima disaster. Much of Japan’s crude still comes from Gulf producers such as Saudi Arabia, the United Arab Emirates and Kuwait.

Because Japan imports nearly all of its oil, any disruption in the strait could immediately affect fuel prices, electricity costs and industrial production.

South Korea follows closely behind Japan in exposure. Around 65% of its crude oil imports transit the Strait of Hormuz, or approximately 1.5 to 1.7 million barrels per day.

India, the world’s third-largest oil importer, would also face major disruptions. Roughly half of India’s oil imports pass through the strait, amounting to 2.5 to 2.7 million barrels per day, according to energy shipping data cited by Kpler.

India’s dependence on Gulf crude has grown alongside its rapidly expanding economy. Analysts note that energy security remains a key concern for the country as demand for fuel continues to rise.

Reporting from The Better India has highlighted how India has been trying to reduce vulnerability by increasing strategic petroleum reserves and diversifying supply sources, including imports from Russia and the United States.

China, the world’s largest crude oil importer, is also significantly exposed. About 48% of Chinese oil imports pass through the Strait of Hormuz, equivalent to around 5.4 to 5.6 million barrels per day.

However, China’s broader supply network gives it slightly more flexibility than other Asian economies. Beijing imports oil from a wide range of producers, including Russia, Brazil and West Africa.

While Asian economies are the most exposed, the entire world would feel the effects of a Hormuz disruption.

Swiss private bank Union Bancaire Privée (UBP) has warned that any closure of the strait could trigger a sharp surge in global oil prices because such a large share of supply flows through the corridor.

UBP analysts say that even a temporary disruption could push oil prices significantly higher and disrupt global supply chains.

The impact would extend far beyond the countries that directly import Gulf crude, affecting everything from transport costs to food prices worldwide.

In contrast, Latin America, Central America and large parts of Africa remained more focused on football-related searches, underscoring the sport’s deep cultural influence in these regions.

The data comes from Google Trends, which tracks the relative popularity of search terms rather than the total number of searches. Countries on the map are coloured according to which term generated greater interest, while colour intensity reflects the proportion of searches for the most popular term within each location during the selected time period.

Spikes in search interest often occur when major international events dominate headlines. As geopolitical tensions rise or diplomatic developments unfold, news coverage and social media discussions tend to drive audiences online in search of context and updates.

Tensions between Iran and the United States escalated sharply at the end of February 2026 after a series of military strikes that pushed the long-running rivalry into open conflict.

On 28 February 2026, the United States and Israel launched coordinated air and missile strikes targeting Iranian nuclear facilities , military infrastructure and senior leadership in what Washington described as a campaign to neutralise Iran’s missile capabilities and prevent it from developing nuclear weapons.

The attacks triggered an immediate response from Tehran. Iran launched missile and drone strikes against Israel and several US military installations across the Middle East, including bases in Bahrain, Qatar, Kuwait and the United Arab Emirates.

The operation marked a dramatic escalation of a dispute that had been building for weeks during tense nuclear negotiations between Washington and Tehran.

In the days following the initial strikes, the confrontation widened into a broader regional conflict. US and Israeli airstrikes continued to hit Iranian targets, while Iran and its allied groups retaliated with attacks across the Middle East.

Missile strikes and drone attacks have targeted energy infrastructure, embassies and military bases, raising fears that the conflict could disrupt global oil supplies and destabilise the region further. Iran currently reports a death toll of over 1000 people from the strikes.

Still, football continues to dominate searches across many regions. In countries such as Brazil , Argentina and several African nations, the sport regularly drives online traffic during domestic leagues, international tournaments and major transfer periods. With billions of fans worldwide, football remains the most widely followed sport on the planet.

More than 1,400 Filipinos across the Middle East have asked to be repatriated as conflict in the region intensifies, President Ferdinand Marcos Jr. said on Tuesday. Speaking at Malacañang, Marcos said 1,416 nationals had requested assistance, including 10 in Iran, 297 in Israel, 22 in Jordan, 231 in Bahrain and 856 in the United Arab Emirates, covering Dubai and Abu Dhabi. However, he said repatriation efforts were hampered by airport closures and airspace restrictions, with several facilities reportedly targeted in retaliatory strikes.

Marcos hosts South Korea’s Lee for talks on defence and trade

President Ferdinand Marcos Jr. on Tuesday received South Korean President Lee Jae Myung in Malacañang for a two-day state visit focused on strengthening defence, maritime security and economic ties. The visit is the first by a South Korean leader since the Philippines–Republic of Korea free trade agreement took effect on December 31, 2024. The leaders held bilateral talks with senior cabinet officials and are set to witness the signing of agreements and issue a joint statement. Lee’s trip, marking 77 years of diplomatic relations, comes amid heightened Middle East tensions and follows his visit to Singapore.

Philippines says US-access sites not involved in Middle East conflict

Philippine defence officials said military facilities accessible to US forces under a bilateral pact are not involved in the escalating conflict between Washington, Israel and Iran, dismissing claims they could become targets. Arsenio Andolong, spokesman for the Department of National Defense, said some groups were exploiting the crisis to stoke “fear and apprehension” over sites covered by the 2014 Enhanced Defense Cooperation Agreement (EDCA), which grants US forces rotational access to nine Philippine bases. He stressed the facilities remain Philippine-owned and are used for joint training, disaster response and national defence. “The Philippines is not a participant in the theatre of conflict,” Andolong said, adding there was no credible direct threat to EDCA locations.

Malaysian, Filipino killed in helicopter crash

A Malaysian national was killed and another injured when a Bell 505 helicopter carrying five people crashed in Pililla, Rizal province, east of Manila, on Tuesday morning. A Filipino passenger also died after the aircraft went down in a vacant lot at about 7.27am while en route from Manila to Quezon province. Malaysian Ambassador to the Philippines Datuk Abdul Malik Melvin Castelino said the deceased’s identity had been confirmed and next of kin informed. The embassy is providing consular assistance, while the injured Malaysian is receiving hospital treatment. The Civil Aviation Authority of the Philippines has launched an investigation.

Marcos weighs temporary fuel tax cut as oil nears $80

President Ferdinand Marcos Jr. said on Tuesday he is considering seeking congressional authority to temporarily reduce excise taxes on petroleum products if Dubai crude rises above $80 a barrel, as prices climb amid the Middle East conflict. Marcos described the plan as an emergency measure, not a permanent policy, to cushion consumers from sustained price shocks. House Speaker Faustino “Bojie” Dy III said lawmakers were open to studying possible amendments to grant the President such powers.

“For too long, excessive deductions, overlapping funds , and structural distortions in the oil and gas sector have weakened remittances to the Federation Account,” the president wrote. “When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end, he added.”

The directive, officially titled Order 9 of 2026 (Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026), has now been gazetted.

Under the new order, all Royalty Oil, Tax Oil, Profit Oil, Profit Gas and other government entitlements under production sharing and related contracts will be paid directly into the Federation Account. The administration has also scrapped the additional 30 percent management fee and the 30 percent Frontier Exploration deduction that previously reduced remittances.

Tinubu said the objective of the reform is to improve transparency, accountability and constitutional compliance in the management of oil revenues.

“Oil and gas revenues must serve the Nigerian people first and this reform is about fairness and fiscal responsibility,” he said.

The president added that NNPC Limited will now operate strictly as a commercial enterprise, as provided for under the Petroleum Industry Act, ending what he called “duplicative deductions and fragmented oversight.”

Tinubu also announced a comprehensive review of the Petroleum Industry Act to address structural and fiscal weaknesses in the sector. An implementation committee has been set up to oversee and coordinate the rollout of the new order.

Venezuelan Acting President Delcy Rodríguez met US Chargé d’Affaires Laura Dogu at the Miraflores Presidential Palace on the afternoon of  Monday, February 2, in what Communications Minister Miguel Pérez Pirela described as part of a “working agenda” between Caracas and Washington. National Assembly President Jorge Rodríguez also attended. Dogu confirmed the meeting on social media, saying she reiterated US Secretary of State Marco Rubio’s proposed “three-phase plan” for Venezuela: “stabilisation, economic recovery and reconciliation, and transition.” Dogu arrived in Caracas on Saturday, January 31, pledging her team was “ready to work,” as US officials continue assessing conditions for reopening the US embassy. Foreign Minister Yván Gil said Venezuela seeks cooperation on “issues of bilateral interest,” and announced that Félix Plasencia will serve as Venezuela’s diplomatic representative in the United States and will travel to Washington soon.

US issues OFAC license delaying Citgo debt actions

The US Treasury Department’s Office of Foreign Assets Control (OFAC) issued a new license on Monday, February 2, allowing holders of Petróleos de Venezuela SA (PDVSA) bonds maturing in 2020 to conduct certain transactions beginning March 20, while keeping the Citgo auction blocked. The measure effectively delays creditors from invoking US courts to collect debts against Citgo Petroleum Corporation. The Venezuelan government has condemned the process authorising the auction as “fraudulent,” arguing the country was excluded from legal proceedings and denied the right to defend itself. Caracas has also warned that the “illegal sale” of its main foreign asset is in its “final phase,” and maintains the US judicial process violates international law.

Delcy Rodríguez proposes mass amnesty and justice reforms

Acting President Delcy Rodríguez announced on Friday, January 30, a proposal for a broad amnesty law covering “the entire period of political violence from 1999 to the present.” Speaking at the Venezuelan supreme court before top officials, Rodríguez said the measure aims to “heal the wounds left by political confrontation, fuelled by violence and extremism,” while also launching a “major national consultation for a new judicial system.” She further announced plans to close El Helicoide prison in Caracas—long criticised by rights groups—and convert the facility into a sports, cultural, and commercial centre for police families and surrounding communities.

Brazilian labour leader warns US aims to dominate Venezuelan oil

A senior Brazilian labour leader accused Washington of targeting Venezuela’s energy sector to gain control over its oil resources, warning that US actions mirror strategies used to reshape Brazil’s own industry. Deyvid Bacelar, general coordinator of Brazil’s Unified Federation of Oil Workers (FUP), told Xinhua that US pressure “has nothing to do with defending democracy or combating drug trafficking,” but instead seeks “imperial domination and the appropriation of natural wealth.” He argued weakening PDVSA would open the door for US firms, and compared the situation to Brazil’s Operation Car Wash (Lava Jato), which he claimed facilitated foreign access to Petrobras-linked deep-water reserves.

Chinese refiners shift to Iranian crude as Venezuelan shipments stall

Chinese independent refiners are reportedly purchasing discounted Iranian heavy crude to replace Venezuelan shipments that have slowed sharply after the US claimed control of Venezuela’s oil sales last month. Sources said the drawdown of Iranian oil stored in China and on ships is helping cover the drop in Venezuelan supply. Venezuelan shipments to China reportedly fell significantly after mid-December following a US blockade on sanctioned vessels, amid a broader campaign that culminated in Nicolás Maduro’s capture by US forces on January 3. Washington has reportedly assigned trading firms Vitol and Trafigura to market Venezuelan crude, but China’s “teapot” refiners in Shandong have prioritised heavily discounted sanctioned grades over Venezuelan cargoes and other alternatives.

Dr Nguyen Minh Phong, former head of the Economic Research Division at the Hanoi Institute for Socio-Economic Development Studies, said the discovery will help Vietnam reduce reliance on imports, increase self-sufficiency, and potentially expand export capacity. He added that Vietnamese crude is considered high quality, offering economic and trade benefits regionally and globally, even if the impact on global markets remains minimal.

The field is operated by US firm Murphy Oil Corporation alongside PetroVietnam. Nguyen noted that Vietnam is also investing in a diversified energy strategy, including hydropower, renewables, and nuclear power, aiming for long-term energy independence while carefully managing economic and political interests.

According to data compiled from Kpler, The National News, Investopedia, and CBC, Venezuela’s crude oil production fell from around 2.7 million barrels per day in 2015 to a low of roughly 569,000 barrels per day in 2020.

This collapse was driven by years of underinvestment, mismanagement at state oil company PDVSA, the loss of skilled labour, and increasingly strict US sanctions. Investopedia notes that sanctions restricted exports, access to finance, and the import of diluents needed to process Venezuela’s heavy crude.

From 2021, production began to edge upwards. Output rose to around 636,000 barrels per day in 2021 and 716,000 in 2022, signalling the end of the industry’s free fall.

The rebound continued in 2023, with production nearing 783,000 barrels per day, before climbing further to roughly 921,000 barrels per day in 2024. Kpler tracking shows improved operational stability and higher export volumes, particularly to Asia and the United States.

A key factor behind the recovery has been limited sanctions relief. US licences allowing companies such as Chevron to operate in Venezuela have helped stabilise fields and boost exports altough the company is seeking an expanded operating licence in Venezuela now.

Even so, Venezuela’s output remains less than half of what it was a decade ago. Infrastructure decay and lack of investment continue to cap growth, despite the country holding the world ’s largest proven oil reserves.

Venezuela is projected to boost oil production toward roughly 1.2 million barrels per day by 2026 if US sanctions are significantly eased, but that projection now sits against a backdrop of heightened US involvement following the capture of President Nicolás Maduro and escalating oversight of Venezuela’s oil exports and industry.

In the week since Maduro’s arrest during a US operation, Washington has asserted influence over the country’s crude sector, including seizing sanctioned tankers and controlling oil sales and revenues, part of a broader effort to reshape Caracas’s governance and energy policy while maintaining sanctions until conditions such as democratic reforms are met.

Across the Middle East, the Americas and parts of Eurasia, proven oil reserves run into the hundreds of billions of barrels.

These figures represent oil that is technically recoverable under current economic and technological conditions. But they are not a guarantee of production, nor do they reflect how easily that oil can be brought to market.

Venezuela continues to lead the world in proven crude oil reserves, with around 303 billion barrels documented beneath its soil, nearly one-fifth of all known reserves globally.

Most of this oil is located in the vast Orinoco Belt, a region rich in extra-heavy crude. These reserves are technically recoverable, but turning them into export-ready barrels has historically posed major challenges. Many experts argue that much of Venezuela’s certified “proven” total is tied up in heavier, harder-to-refine crude that is expensive to extract and process.

Saudi Arabia follows closely with roughly 267 billion barrels of proven reserves, supported by decades of investment in extraction, refining and export infrastructure. Vast fields such as Ghawar underpin the kingdom’s role as a stabilising force in global supply and a central player within OPEC.

Iran also ranks among the world’s leading reserve holders, with more than 200 billion barrels of proven crude. Its reserves are largely conventional and geologically favourable, yet sanctions and limited access to international capital have constrained how much of this oil reaches global markets. The result is a gap between geological potential and real-world output.

Outside the Middle East, oil wealth takes different forms. Canada’s vast reserves are driven largely by oil sands, which significantly boost its reserve figures but come with higher extraction costs and environmental scrutiny.

Russia holds substantial reserves spread across Siberia and other regions, highlighting its role as a major energy exporter despite logistical and geopolitical challenges. In the United States, proven reserves are smaller by comparison, but advanced technology and investment have enabled high production levels, particularly from shale formations.

Other countries such as Iraq, the United Arab Emirates, Kuwait and Libya form a second tier of oil-rich states. Many of these nations possess large, relatively low-cost reserves but differ widely in political stability, investment climate and production capacity. Together, they reinforce how unevenly oil resources and the ability to exploit them are distributed worldwide.

One of the biggest misconceptions is assuming that reserves equal supply . They do not. Reserve figures say little about how much oil a country produces day-to-day, how resilient its infrastructure is, or how vulnerable it may be to political or economic disruption. Some nations convert a high share of their reserves into steady exports, while others struggle to do so despite large resource bases.

That massive number places it above Saudi Arabia, Iran and Canada, a fact that once made the country one of the most influential players in the global oil market.

The bulk of these reserves lies in the Orinoco Oil Belt, a vast region of heavy and extra-heavy crude that dwarfs conventional deposits in both scale and potential.

Yet, despite having the largest reserves, it produces only a small fraction of the global supply of roughly 1 million barrels per day, less than a third of its output two decades ago.

Reserves on paper do not automatically mean oil reaches the market. Much of Venezuela’s crude is heavy and difficult to extract and refine. Producing it requires advanced technology, large-scale investment and reliable infrastructure. Years of economic crisis, political instability and international sanctions have weakened all three.

The world’s energy markets are paying close attention for a few reasons:

1. Strategic energy stocks and shifting geopolitics

Recent events, including the capture of Venezuelan President Nicolás Maduro by U.S. forces, have intensified global focus on who controls Venezuela’s oil. The United States has signalled plans to invite American and international companies back into the nation’s energy sector to unlock its resource potential.

2. Global supply implications

If Venezuela could boost production, it would reshape oil flows and regional influence. Heavy crude from the Orinoco Belt is particularly valuable because many refineries, especially on the U.S. Gulf Coast, are structured to process dense oil grades.

3. Investment and infrastructure challenges

Rebuilding Venezuela’s oil industry won’t happen overnight . Experts estimate tens of billions of dollars would be needed to modernise ageing facilities, address underinvestment and restore capacity lost to years of neglect and sanctions.

4. Geopolitical flashpoints

Venezuela’s oil isn’t just an economic asset. It’s a geopolitical lever. China, Russia and other states hold financial and energy ties with Caracas, and shifts in Venezuelan production can ripple into diplomatic and strategic relationships.

After all these areas of scrutiny and worry, the question remains: Who controls Venezuela's oil now?

In a notable policy change effective 1 January 2026, China removed a three-decade VAT exemption on contraceptive drugs and devices, including condoms and birth control pills, imposing a standard 13% tax in a bid to address its persistent population decline. The move, part of broader measures to boost birth rates, follows years of falling fertility and reinforces Beijing’s prioritisation of family support policies alongside earlier childcare subsidies and pro-marriage initiatives. Officials hope that framing childbearing as socially and economically supported will stabilise demographics in the world’s most populous economy.

China accuses the US of ‘blatant interference’ after Trump claims Venezuela oil

China’s Foreign Ministry criticised the United States on Wednesday, accusing Washington of “blatant interference in Venezuela’s internal affairs” after President Donald Trump announced that up to 50 million barrels of Venezuelan oil would be transferred to the United States for sale, a move Beijing says violates Venezuela’s sovereign rights over its natural resources. China insists Caracas has “full permanent sovereignty” over its oil and called the US actions a breach of international norms, amid broader tensions over control of Venezuelan energy exports. The dispute comes as the US has also seized Venezuela-linked tankers and eased sanctions to redirect crude flows, triggering diplomatic pushback from Beijing and other global partners.

China bans some exports to Japan after PM’s Taiwan remarks

China has imposed immediate restrictions on exports of certain rare earths and other dual-use items to Japan, escalating tensions after the Japanese prime minister Sanae Takaichi warned that a Chinese invasion of Taiwan would threaten Japan’s survival. Beijing said the curbs cover goods with both civilian and military uses, including materials critical to electronics, aerospace and defence, though it did not specify individual products. The move could have significant consequences for Japan, which sourced around 63% of its rare earth imports from China in 2024.

Cambodia extradites alleged scam kingpin Chen Zhi to China

Cambodia has arrested and extradited to China tycoon Chen Zhi, accused of leading a major online scam network and wanted by US authorities on related charges. The Cambodian government said Chen, whose citizenship was revoked last month, was handed over at China’s request after a months-long investigation. US and UK officials have accused him of running a transnational fraud operation that scammed victims worldwide and exploited trafficked workers, part of a regional surge in online scam centres across Southeast Asia.

China sanctions two more Taiwanese cabinet ministers

Beijing has sanctioned Taiwan’s Interior Minister Liu Shyh-fang and Education Minister Cheng Ying-yao, adding them to its list of what it calls “stubborn Taiwan independence figures” for actions it says promote separatism. The measures bar the two ministers and their families from entering mainland China, Hong Kong and Macau, and ban companies linked to them from operating in the mainland.

New trade estimates show Venezuela exporting roughly 772,000 barrels per day (bpd) of oil to global buyers, with China and the US taking the lion’s share, a striking development amid intensifying military and diplomatic pressure.

China imported approximately 351,000 barrels per day (bpd) of Venezuelan oil in 2024, making it the largest buyer by far. The United States imported roughly 222,000 bpd, with Europe (75,000 bpd) and India (63,000 bpd) also on the list, alongside smaller volumes to Cuba and other destinations.

The United States ranking second may appear counterintuitive, given Washington’s sanctions on Venezuela’s state oil company PDVSA. However, US imports increased after the Biden administration granted licences allowing companies such as Chevron to resume limited operations and exports.

Reuters has reported that Venezuelan crude is particularly well-suited to US Gulf Coast refineries, many of which are configured to process heavy oil. As a result, shipments to the US rose sharply in 2023 and 2024 following the partial relaxation of restrictions.

But the backdrop to these trade figures has changed dramatically. In early January 2026, the United States launched large-scale military strikes on Venezuelan territory, including air operations around Caracas, and captured President Nicolás Maduro and his wife in a controversial operation conducted by U.S. forces.

The offensive , dubbed Operation Absolute Resolve, involved bombing key military sites, and Maduro and his wife were taken to the United States to face drug-related criminal charges. Venezuela and multiple international actors have condemned the action as a violation of sovereignty and international law.

In late 2025, the U.S. sanctioned four Venezuelan oil companies and four tankers accused of supporting the Maduro regime, moves designed to choke off revenue from the country’s main economic lifeline. U.S. authorities also seized sanctioned tankers at sea and conducted drone strikes at dock facilities linked with cartel activities, part of a campaign described by Washington as aimed at narcotics and terror networks.

At the same time, Maduro extended a message to the US public, portraying Venezuela as a “friendly government” and a “brotherly people,” while calling for a renewed diplomatic dialogue between the two nations. He also defended Venezuela’s record on drug control and offered cooperation on anti-trafficking initiatives, highlighting readiness to negotiate concrete agreements if the United States engages seriously.

Maduro said US measures reflected an attempt to exert control beyond its borders, warning that such an approach undermines international relations. He added that focusing on external intervention, rather than domestic economic and social challenges, would amount to poor leadership.

The Venezuelan leader also referenced plans in Congress to advance legislation aimed at protecting the country’s vessels and safeguarding oil trade. According to Maduro, the proposed law would reinforce international agreements that prohibit piracy, attacks on commercial shipping and other crimes affecting global trade.

His comments follow an announcement by President Trump that the United States would impose a blockade on what it calls “sanctioned oil tankers” entering or leaving Venezuela. Washington has accused the Maduro government of using oil revenues to finance drug trafficking , terrorism and human trafficking, allegations that Caracas has repeatedly rejected.

The highlighted countries span Africa, South America, Europe and parts of Asia. Many rely on long-established hydropower systems, geothermal resources or a combination of both.

Their progress aligns with data from the International Energy Agency (IEA) and the United Nations, which show that a handful of nations already operate electricity grids that are nearly fully renewable.

Iceland remains one of the strongest performers globally, producing almost all of its electricity from geothermal and hydropower.

Paraguay, powered largely by the Itaipu Dam shared with Brazil, also generates close to 100% renewable electricity, making it one of the cleanest grids in the Americas.

In Africa, countries such as Ethiopia, Zambia and the Democratic Republic of Congo rely overwhelmingly on hydropower, consistently surpassing the 90% mark. Ethiopia’s long-term investments in hydropower projects have positioned it among the continent’s renewable leaders .

While some smaller nations have leveraged natural endowments or built early renewable infrastructure, larger economies remain heavily dependent on fossil fuels. The United States, for instance, still generates around 60% of its electricity from fossil fuels, despite recent growth in wind and solar.

China , the world’s largest energy consumer, continues to rely on coal for more than half of its power generation , even as it leads globally in renewable capacity additions.

In Germany and several other European Union economies, renewable expansion has been slowed by grid congestion, high permitting delays and reliance on natural gas , which surged following the disruption of Russian supplies after the invasion of Ukraine.

According to the Organisation of the Petroleum Exporting Countries (OPEC), world proven crude oil reserves stood at 1,567 billion barrels at the end of 2024, up around 2 billion barrels (or 0.1 %) from 2023. In practical terms, global reserves are barely moving up, even though crude remains in demand.

The map highlights a striking concentration of vast oil wealth clustered in just a few regions, particularly the Middle East and parts of South America .

Venezuela leads the world with an estimated 303 billion barrels, followed closely by Saudi Arabia at 267 billion and Iran with about 208 billion. Other major holders include Iraq with around 145 billion and Russia with 80 billion barrels, according to WorldAtlas

What the visual also shows is how the Middle East remains a “reservoir of reserves”. The region holds well over half of the world’s proven stock . For example, OPEC’s time-series chart indicates the Middle East’s share was roughly 871 billion barrels out of about 1,567 billion in 2024.

These reserve figures influence geopolitics, energy security, investment decisions and even how governments shape future policy. But it is surprising that despite decades of consumption, the global total of proven oil reserves isn’t collapsing but stable. That’s because discoveries and extraction in previously uneconomic fields are helping offset withdrawal.

For example, the OPEC press release notes that although global production from some OPEC-member countries dipped in 2024, reserves remained flat.

The spill has spread across approximately eight kilometres of the river, affecting surrounding communities, including El Caballal in the Alamotemapache municipality. Already hit by severe flooding, residents now face a growing water crisis.

“We need water, and with the contamination, we know it’s going to take time. I don’t know how long, and it’s going to be even harder for us,” said Mario Garcia Osorio, a local resident. 

In response, the Mexican Navy has activated a Regional Contingency Plan with the support of the National Agency for Industrial Safety and Environmental Protection (ASEA). Around 300 personnel, aircraft, drones , and oil containment equipment have been deployed to the area to mitigate the damage.

The ruling People’s Progressive Party/Civic (PPP/C) has announced significant changes to its parliamentary lineup, introducing new faces for the upcoming 13th Parliament. Prominent members such as Jaffarally and Ramsaran will not be returning, signalling a generational and strategic shift in the party’s representation. This move reflects the government’s effort to refresh its political image and create opportunities for younger, dynamic voices to shape legislative debates. The reshuffle also underscores President Irfaan Ali’s emphasis on continuity with renewal, balancing experienced leadership with emerging talent to maintain political stability while addressing evolving challenges.

Parliament reconvenes within constitutional time frame

President Ali confirmed that Guyana’s Parliament will reconvene within the constitutionally mandated period, an assurance meant to reinforce the government’s adherence to democratic processes. This commitment comes against the backdrop of heightened public interest in governance, transparency, and the timeliness of parliamentary business. By emphasising respect for constitutional norms, the administration seeks to strengthen public trust and demonstrate political maturity. The timely resumption of parliamentary sessions is expected to pave the way for legislative debates on crucial issues, including fiscal reforms, social policies, and infrastructural development.

Debate on Minister Bharrat’s cash transfer comments

A controversy has emerged over whether Natural Resources Minister Vickram Bharrat knowingly misled the public when he claimed that direct cash transfers from oil revenues are a “failed model.” His statement has sparked public debate, as many citizens view cash transfers as a potential mechanism to directly benefit households from Guyana’s growing oil wealth. Critics argue that dismissing such policies without adequate evidence sidelines opportunities for equitable wealth distribution. Supporters of Bharrat’s position contend that long-term investments in infrastructure, health, and education yield more sustainable growth than short-term cash handouts. The matter highlights ongoing tensions over how best to manage Guyana’s burgeoning oil economy.

Boost to financial system security and transparency

Guyana’s financial system has received a timely upgrade aimed at strengthening security and transparency. This development is crucial as the country continues to attract global investment, particularly from the oil and gas sector. By improving regulatory safeguards, monitoring mechanisms, and anti-money laundering frameworks, the government signals its readiness to integrate more fully with international financial systems. Enhanced transparency not only improves investor confidence but also mitigates risks of illicit flows and corruption, as long-standing concerns in resource-rich nations. The reform is expected to create a stronger foundation for sustainable economic expansion and better governance of public funds.

Tier 1 ranking in U.S. TIP report maintained

Guyana has successfully maintained its Tier 1 ranking in the U.S. State Department’s annual Trafficking in Persons (TIP) Report. This status reflects the country’s continued compliance with global standards for combating human trafficking, including prevention, prosecution, and victim support measures. Remaining in Tier 1 is both a diplomatic win and a moral imperative, as it demonstrates Guyana’s commitment to human rights and international cooperation. The recognition also bolsters the country’s image on the global stage at a time when its growing oil wealth places it under greater scrutiny. For local communities, the ranking provides reassurance that anti-trafficking measures remain a priority amidst broader political and economic transitions.

Local news portal Foroyaa reported that lawmakers adopted the report earlier this year and forwarded their findings to the government.

While the joint report stopped short of proving bribery or money laundering, it highlighted “serious governance and regulatory failures, pervasive non-compliance with financial, tax, and corporate laws, and a troubling disregard for due process.”

Minister Keita noted those concerns, telling lawmakers that the regulatory lapses and collusion exposed by the report posed a “significant risk to public interest” and undermined confidence in Gambia’s financial governance.

The report also revealed that Creed Energy and Ultimate Beigee Logistics owed D8.5 million and D12.2 million in tax arrears.

Keita said the Gambia Revenue Authority (GRA) had imposed “best of judgment assessments” after the companies failed to file returns and pledged that recovery actions would follow.

“GRA will use information available to generate a tax assessment, which may be disputed, and initiate recovery where possible,” he explained.

Among its recommendations, the report urged the suspension of Gam Petroleum’s General Manager and the launch of a criminal investigation into alleged conflicts of interest and fiduciary breaches. Keita confirmed the government would act on the proposal,

“The police will initiate investigations as recommended into any conflict of interest and breach of agreement and fiduciary duties against the General Manager.”

The Central Bank of The Gambia (CBG) was also flagged for failing to enforce prudential risk guidelines, with lawmakers calling for penalties against commercial banks found in breach. Keita assured Parliament that punitive sanctions would be maintained and a special audit would be undertaken to prevent hidden arrangements.

A visual breakdown charts the top ten nations: Venezuela, Saudi Arabia, Iran, Canada (163 bn), Iraq (145 bn), UAE (113 bn), Kuwait (102 bn), Russia (80 bn), the United States (74 bn), and Libya (48 bn).

These top ten nations “hold strategic leverage in shaping global energy markets and international policy frameworks” and underscore how membership in OPEC or OPEC+ amplifies their global influence.

Political stability, technological access, and strategic alliances significantly influence actual production capacity and how these reserves translate into power.

More than just numbers