Global crude oil markets showed little immediate response following the US military operation in Venezuela on January 3, which aimed to detain President Nicolás Maduro, according to the Thai Energy Ministry.
US President Donald Trump accused Maduro of leading Venezuela’s criminal organization, the Cartel de los Soles, which he labeled a foreign terrorist group. He also linked Maduro to an increase in illegal migration into the United States.
Despite the military action, local energy officials downplayed concerns about potential oil price fluctuations. Veerapat Kiatfuengfu, Deputy Permanent Secretary of the Thai Energy Ministry, noted that Venezuela’s current oil output of 800,000 to 1 million barrels per day accounts for only about 1% of global supply.
“Although Venezuela has the world’s largest oil reserves, its production and sales are far below potential,” he stated. “The arrest of its leader has had minimal impact on prices so far.”
Thai Oil Plc, Thailand’s leading refinery, reported minor declines in benchmark prices on January 2, with West Texas Intermediate dropping to US$56.79 per barrel and Brent crude slipping to US$60.75.
According to OPEC, Venezuela’s proven reserves totaled 303 billion barrels in 2024, making up roughly 20% of global supply. Saudi Arabia ranked second with 267 billion barrels, followed by Iran with 209 billion barrels.
President Trump pledged that US oil companies would assist in repairing Venezuela’s “broken infrastructure” and restoring profitability. However, Thailand’s direct exposure to Venezuelan crude remains limited, with only a few companies, such as Tipco Asphalt Plc, previously importing heavy Venezuelan crude for asphalt production.
US sanctions enacted before the pandemic have restricted Venezuelan exports, affecting the state-owned oil firm Petróleos de Venezuela. Consequently, Tipco Asphalt halted its purchases, with Deputy Managing Director Soranat Nantamontri noting that the company expects sales in 2025 to remain similar to the 1.15 million tonnes recorded in 2024, partly due to limited raw material availability caused by trade sanctions.