International

Chevron cleared to pump oil in Venezuela again, but Maduro won’t see the profits

The U.S. government restored Chevron’s operations in Venezuela on Thursday, though under certain restrictions. The move marks a significant shift from the hardline pressure strategy adopted earlier this year by President Donald Trump’s administration against Nicolás Maduro’s regime.

The decision comes just days after both governments negotiated a prisoner and detainee swap: Caracas released 10 U.S. citizens, while Washington authorized the return of 252 deported migrants detained in El Salvador.

Although full details of the agreement remain undisclosed, U.S. officials confirmed that Maduro’s administration will not financially benefit from the oil sales. The key condition of the deal ensures that no royalties or taxes will flow to the socialist leader’s government.

The announcement had an immediate impact on the market. Oil futures pared earlier gains after news broke, reflecting concerns that increased supply could pressure prices in an already fragile market. Meanwhile, Venezuela’s defaulted sovereign bonds extended recent gains, boosted by optimism surrounding Washington’s softer stance.

The new license allows the Houston-based energy giant to resume production in Venezuela, following a previous order in May to scale down operations. This could help inject much-needed U.S. dollars into Venezuela’s struggling economy.

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Supporters of Chevron’s return argued that without U.S. involvement, Venezuelan oil would largely benefit China. Oil prices and American leadership in energy production also weighed heavily on Trump’s decision. However, Secretary of State Marco Rubio, a long-time opponent of commercial engagement with Caracas, could still attempt to block or limit the scope of the new authorization.

It is still unclear whether similar concessions will be granted to Italian oil major Eni or Spain’s Repsol, which have requested U.S. approval to swap fuel for Venezuelan crude.

“Chevron conducts its business globally in compliance with applicable laws and regulations governing its operations, as well as U.S. sanctions frameworks, including in Venezuela,” said Chevron spokesperson Bill Turenne in a statement.

The U.S. had previously revoked Chevron’s license earlier this year as part of Trump’s pressure campaign on Maduro. Now, the reinstatement could mark a critical turning point—reintroducing a vital American oil presence in Venezuela and delivering much-needed cash flow to an economy in deep decline.

Chevron remains the only major U.S. oil company still operating in Venezuela, underscoring its strategic importance for both nations.

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International

IEA warns Middle East conflict could spark worst energy crisis in decades

The ongoing conflict in the Middle East could trigger the worst energy crisis in decades, warned Fatih Birol, head of the International Energy Agency (IEA), who described the situation as “very serious.”

Speaking at the National Press Club in Canberra, Birol compared the current scenario to the oil crises of the 1970s, noting that during those events the world lost around five million barrels of oil per day in each crisis.

“Today, we have lost 11 million barrels per day—more than the two major oil shocks combined,” he said.

The Turkish economist referred to the conflict that began on February 28, following attacks by the United States and Israel against Iran, which have significantly disrupted global energy markets and driven oil prices higher.

Birol warned that the global economy is facing a “very, very serious threat” and expressed hope that the crisis will be resolved soon.

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“No country will be immune to the effects of this crisis if it continues in this direction. Global efforts are urgently needed,” he emphasized.

International

Colombian Air Force Hercules plane crashes during takeoff with troops onboard

A Lockheed C-130 Hercules operated by the Colombian Air Force was involved in a “tragic accident” while taking off from Puerto Leguízamo, in the Putumayo department of southern Colombia, as it was transporting troops, Defense Minister Pedro Sánchez reported on Monday.

The minister stated on social media that the exact number of victims and the causes of the crash have not yet been determined. He also extended his condolences to the families affected and urged the public to avoid speculation until official information is confirmed.

“This is a deeply painful event for the country. Our prayers are with the victims and their families,” Sánchez said, adding that emergency protocols have been activated and an investigation is underway.

Meanwhile, President Gustavo Petro expressed hope that there would be no fatalities in what he described as a “horrific accident that should not have happened.”

Petro also highlighted ongoing efforts to modernize the country’s air fleet and reiterated the need to acquire new helicopters and transport aircraft to strengthen military mobility, particularly in remote regions.

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According to local media reports, approximately 110 soldiers were on board the aircraft. So far, at least 20 injured military personnel have been rescued.

International

Paris prosecutors alert U.S. over alleged deepfake strategy linked to Elon Musk

The Paris Prosecutor’s Office said on Saturday that it had alerted authorities in the United States over suspicions that tech entrepreneur Elon Musk may have encouraged the spread of sexualized deepfake content on the social platform X to artificially boost the company’s valuation.

According to prosecutors, the controversy surrounding explicit AI-generated videos—reportedly linked to Grok, the platform’s artificial intelligence system—may have been deliberately triggered to increase the market value of X and X AI.

The office added that the alleged strategy could be tied to the planned June 2026 public listing of a new entity formed through the merger of SpaceX and X AI.

French authorities said they contacted the U.S. Department of Justice as well as legal representatives at the U.S. Securities and Exchange Commission (SEC) earlier this week to share their concerns.

Responding on X in French to a report about the case, Musk referred to French prosecutors using an offensive term.

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When contacted, X’s legal representative in France did not immediately comment.

Grok, the platform’s AI system, has its own account on X, allowing users to interact with it or request content generation. For a period, users were able to tag the bot in posts to generate or edit images, a feature that may have facilitated the spread of such material.