Venezuela’s crude output is nearing collapse after a US naval blockade throttled exports. With storage close to capacity, fields may be shut in within weeks. Sales have slumped as routes close, hitting state revenues and clouding foreign firms’ prospects.

Venezuelan assets rallied as Nicolás Maduro appeared in court after being removed from power. Bonds jumped on bets of debt talks and an oil‑sector revival, while US energy shares rose. He told the judge he was a “kidnapped president”. Markets priced in a possible transition and easing of sanctions.

Washington steps up pressure on Venezuela, keeping the option of further military action. Nicolás Maduro is due in a New York court after a weekend operation placed him in US custody, while senior US figures warn Havana it could face consequences for supporting Caracas.

After a US operation in Caracas, Nicolás Maduro and his wife were detained and taken to New York. Washington says it will oversee a transitional administration in Venezuela and restart oil output. The PM said Britain would shed no tears.