Venezuela is shifting its focus from being recognized solely for its vast oil reserves to becoming a leading oil producer, according to Calixto Ortega, the country's top economic adviser. Speaking at the World Government Summit in Dubai, Ortega emphasized the nation's ambition to increase oil production levels significantly.

Commodity traders Vitol and Trafigura are in discussions with the U.S. administration about marketing Venezuelan oil, four people familiar with the matter said, as Washington pushes to open up crude exports following recent political developments.

Trafigura Group, the world’s largest metal trader and second-largest oil trader, confirmed it will meet with the U.S. government to discuss potential opportunities to resume buying crude oil from Venezuela.

Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), and commodities trader Trafigura are among the contenders vying to acquire Shell Plc’s service stations in South Africa, sources familiar with the matter told Bloomberg.