Oil markets are impacted by tensions in Venezuela and the suspension of crude oil loadings at Kazakhstan’s CPC terminal. Venezuela is cutting oil production due to Trump’s pressure strategy, reducing output by at least 25% in the Orinoco Belt. Australia’s Woodside Energy signed a LNG supply deal, Chevron reported first oil in Angola, and Russia extended ExxonMobil’s stake deadline. Russia-Ukraine peace talks affect oil prices, while Saudi Aramco plans to cut oil prices for Asian cargoes. China issues crude import quotas, India seeks compensation from Reliance and BP, and Kazakhstan curbs output after a drone attack. Nigeria plans asset divestments, Russia extends gasoline export ban, and Ghana restarts its refinery. LNG Canada faces operational challenges, China limits copper and alumina smelting capacities, Petrobras’ strike continues, and Syria starts a gas exploration campaign. US exporters boost pre-Christmas exports, lithium demand expected to slump in early 2026.

Read more at Yahoo Finance: Holiday Markets Eye War Risks but Oil Refuses to Break Out