Venezuela Criticizes US Court's Decision on Citgo Sale

Venezuelan Petroleum Minister Delcy Rodríguez has vehemently denounced a US court ruling permitting the divestiture of Citgo, deeming it “fraudulent” and “coercive.” This $5.9 billion sale involves transferring ownership of Citgo's parent company to Amber Energy, linked with Elliott Investment Management.

Citgo, a subsidiary of Venezuela’s national oil company PDVSA based in Houston, is grappling with over $20 billion in creditor claims, including a $1.2 billion ruling for Canadian firm Crystallex regarding the nationalization of the Las Cristinas gold mine in 2019.

This decision unfolds as President Nicolás Maduro accuses the United States of military maneuvers in the Caribbean aimed at appropriating Venezuela's oil reserves. Despite possessing the largest proven oil reserves globally, Venezuela only exported $4.05 billion worth of crude oil in 2023 due to stringent sanctions.

Maduro is urging OPEC nations to respond to what he perceives as escalating US threats, although experts are skeptical about garnering support for this appeal. Recent years have seen Venezuela redirect its oil exports away from the US to nations like China, India, and Cuba due to sanctions and trading obstacles.

PDVSA continues to face significant hardships stemming from underinvestment, outdated infrastructure, mismanagement, and the lingering impact of international sanctions.

June 16, 2026 1:04 p.m.

Kuwait Court Jails Former Interior Minister for 3 Years

Kuwait’s highest court sentenced former Interior Minister Sheikh Talal Al-Khaled to three years in prison over a case linked to secret expenditure funds

June 16, 2026 12:47 p.m.

Iran World Cup Opener Draw Sees Fans Split in US

Iran’s FIFA World Cup 2026 opener against New Zealand in Los Angeles witnessed passionate support, protests and political symbolism among Iranian Americans

June 16, 2026 12:25 p.m.

Kuwait Revokes Citizenship Of Over 2,000 More People

Kuwait withdraws citizenship from 2,192 individuals as part of an ongoing nationality review campaign affecting thousands across the country

June 16, 2026 12:03 p.m.

Wimbledon Winner To Earn Rs 46 Crore After Prize Boost

Wimbledon announces a record 20 percent increase in prize money, with singles champions set to earn Rs 46 crore amid player demands for higher rewards

June 16, 2026 11:47 a.m.

West Bank Economy Near Collapse Amid Israeli Restrictions

A new report warns that Israeli restrictions on movement, revenue transfers and land access are pushing the West Bank economy toward collapse and instability