The United States has officially finalized a landmark oil agreement with Venezuela, securing control of 65 billion barrels of crude reserves in exchange for nearly $100 billion in investments. This historic pact could reshape global supply dynamics and prompt Caracas to exit OPEC, even as tanker rates hit record highs.
Global market
US President Donald Trump announced the largest oil deal in history, securing control of 65 billion barrels of Venezuela’s proven crude and doubling US reserves. US Secretary of State Marco Rubio stated the pact will bring Caracas $100 billion in investments. Under terms reported by Bloomberg, a Pentagon entity could manage a 100-year lease of Venezuelan fields, prompting Venezuela to discuss exiting OPEC. Meanwhile, Washington announced that shipping lanes in the Strait of Hormuz are cleared of mines, letting 20 to 30 tankers (9 to 10 million bpd) pass nightly. However, Baltic supertanker freight rates to China spiked to a record $647,000 daily.
Russia & CIS
State-backed Rosneft grew H1 revenue to 4.29 trillion rubles, though net profit fell 18.4% to 200 billion rubles. Pipeline operator Transneft acquired a 7.52% stake in Gazprombank, while a court froze the 45% share of co-owner Elena Vasilyeva in the Petersburg Oil Terminal. In logistics, Presidential Envoy to the Far East Yury Trutnev warned of a high risk of fuel deficits in Yakutia, Chukotka, Magadan, and Zabaykalsky Krai. Meanwhile, President Vladimir Putin visited Nizhny Novgorod and called gas-powered Volga cars Russia’s most promising transport, while Crimean parliament speaker Vladimir Konstantinov ruled out petrol prices falling below 100 rubles per liter soon.
Armenia
While Armenian outlets News.am and Sputnik Armenia analyzed the US-Venezuela deal, they also reported that Russia introduced special gas supply regulations with concessions for residents in Belgorod, Bryansk, and Kursk. Meanwhile, Armenia’s retail petrol, diesel, and natural gas tariffs remained stable. The republic’s energy security continues to be protected by its integration within the EAEU. These treaties guarantee the duty-free and uninterrupted import of Russian gas and petroleum products at long-term fixed rates. This non-market framework fully shields Armenian consumers from the volatile price fluctuations observed in international market price assessments.