Trump Challenges China, US-UK Tanker Seizure, More
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Leading Chinese oil companies have asked Beijing for guidance on how to protect their investments in Venezuela as Washington outlines plans to control the country's crude output. Sources tell us state-owned firms have raised concerns in an effort to align their responses with Beijing's diplomatic strategy and to salvage existing claims. The US Energy Secretary Chris Wright says the Trump administration wants to control all future sales of Venezuelan oil and hold the proceeds in US accounts. Here's what he told a Goldman Sachs conference in Miami.
We're going to let the oil flow, sell that market to United States refineries and to around the world to bring better oil supplies, but have those sales done by the U.S. government and deposited into accounts controlled by the U.S. government. And then from there, those funds can flow back into Venezuela to benefit the Venezuelan people. But we need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela.
Chris Wright was speaking as China grapples with how best to respond to US assertions of dominance in the Americas and control of strategically vital assets through what's been dubbed the Don Roe Doctrine.
The UK's Defence Secretary says British support for the American operation to seize a Russian-flagged oil tanker demonstrates the importance of the transatlantic security partnership. Britain provided naval and surveillance support to the US military as they captured the Marinera in the North Atlantic. UK Defence Secretary John Healey says it shows the value of the NATO alliance.
This is a stark reminder that our world is changing. It is less predictable and more dangerous. And this operation and the Shadow Fleet show the global links between the security threats faced by the UK and its allies.
Healy's comments come as British officials told Bloomberg that the operation was well-timed to show President Trump the value of the security relationship between the US and UK. According to the officials, it also demonstrated how Europe can work with America to deter threats from Russia and Iran, both of which had close links to the seized vessel.
These developments come as the US President has demanded a $500 billion increase in annual US defence spending to build what Trump called the Dream Military. In what appears to be a contradictory string of announcements, Donald Trump also threatened to exclude some of the companies most likely to benefit from the increase. The President later signed an executive order requiring major defence contractors to end stock buybacks, stop issuing dividends and cap executive pay at $5 million a year until they invest more in factories and research. The announcements sent shares of major defence contractors, including RTX, a maker of Patriot missiles, tumbling. Lockheed Martin and Northrop Grumman were sharply lower.
US officials are rushing to step up links with Greenland after President Trump renewed demands to take over the island. Bloomberg understands that the White House is considering business deals, including rare earth mineral mining projects and hydroelectric power. The chairman of the Nordic Council, Lars Christian Brask, says that Danish government personnel have previously sought discussions with the US on the matter.
What are the latest developments regarding US control over Venezuelan oil?
Not many years ago, we spoke to the administration and I think actually the president as well and asked, what do you need?
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