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Global Business News

The Economic Times

Global Business / The Economic Times

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Dragon fumes at US' oily business in Caracas; Tehran may benefit

Global oil prices dropped as the United States convinced Venezuela to reroute oil shipments away from China. China has strongly condemned this move, labeling it as bullying. This development could lead Chinese refiners to seek alternative heavy crude sources. The deal aims to control Venezuela's oil reserves.

8 Jan 2026 12:40 am