Russia is bracing for potential turmoil in global oil markets after U.S. President Donald Trump ordered a military operation that led to the capture of Venezuela’s long-time leader Nicolás Maduro, according to reports.
Moscow’s concern extends beyond the loss of a key political ally for Russian President Vladimir Putin.
The greater fear is that Venezuela’s vast oil reserves could now fall under U.S. influence, potentially flooding global markets and driving prices down.
Venezuela holds the world’s largest proven oil reserves, exceeding those of Saudi Arabia.
Yet years of mismanagement and U.S. sanctions have left much of that oil untapped, keeping exports far below those of major producers such as Russia or Gulf states.
For Moscow, this situation was advantageous.
With Venezuelan oil largely locked out of global markets, supply remained constrained and prices higher, supporting Russia’s oil-dependent budget. That calculation could now change rapidly.
U.S. President Donald Trump has openly stated that U.S. energy companies would move into Venezuela to "rebuild" its oil sector.
If sanctions are lifted and American firms modernise production, Venezuela could sharply increase output within a relatively short period.
Energy analysts warn that a surge in Venezuelan supply would hit markets at a time when global demand growth is already slowing, putting significant downward pressure on prices.
For Russia, lower oil prices pose a serious economic risk. Revenues from oil and gas underpin state spending, including pensions, public-sector salaries and military costs linked to the war in Ukraine.
Even before the U.S. operation, Russian commentators had voiced unease.
Igor Yushkov of the Moscow-based Foundation for National Energy Security has said it was "economically and politically important" for Russia that Maduro remained in power, arguing that sanctions kept Venezuelan output low and prices high.
Russian businessman Oleg Deripaska has also warned that U.S. access to Venezuelan oil could allow Washington to cap global prices, pushing Russian crude below $50 a barrel.
From the Kremlin’s perspective, the issue goes beyond Venezuela.
It reflects growing U.S. leverage over global energy markets at a moment of heightened economic and geopolitical pressure on Russia.
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Turkish President Recep Tayyip Erdoğan has told Masoud Pezeshkian, his Iranian counterpart, that violations of Turkish airspace by Iran could not be justified “for any reason whatsoever.”
U.S. Ambassador to the United Nations, Mike Waltz, has addressed the U.N. Security Council, saying the world must consider how effective its engagement with the Taliban-run country is as millions face hunger.
Trump says the United States "don’t need people that join wars after we’ve already won," targeting his criticism at UK Prime Minister Keir Starmer. Israel continues to fire missles at strategic sites in Iran and Gulf regions report more strikes from Iran.
Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including threats over the strategic Strait of Hormuz, a critical artery for global oil supplies.
Global oil prices surpassed $119 a barrel on Monday (9 March, 2026), an almost four year high, as the Middle East conflict rumbled on.
China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader on Monday (9 March), signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.
U.S. Ambassador to the United Nations, Mike Waltz, has addressed the U.N. Security Council, saying the world must consider how effective its engagement with the Taliban-run country is as millions face hunger.
British MPs have rejected a proposal to introduce an Australia-style ban on social media for under-16s, opting instead to give ministers flexible powers to impose restrictions on platforms.
Australia has granted humanitarian visas to five Iranian women footballers who sought asylum, fearing persecution after refusing to sing their national anthem at an Asia Cup match.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 10th of March, covering the latest developments you need to know.
U.S. President Donald Trump called his recent phone conversation with Russian President Vladimir Putin “very good.” The two leaders spoke on Monday about the situation in Iran and other international issues.
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