US President Donald Trump's announcement of 25% import tariffs on any country doing business with Iran, along with the threat of US military intervention, is driving up oil prices. Conversely, US involvement in Venezuela's oil industry is expected to increase the supply of oil from that country. This is tempering the rise somewhat, although US oil companies appear reluctant to operate in the South American country. ExxonMobil calls the country "unsuitable for investment."
The oil price is at $65,06 per barrel at the time of writing (Tuesday afternoon, January 13th) at its highest in more than two months. Meanwhile, oil also reached $58,92 per barrel on December 16th. the lowest level in five years.
Trump is threatening import tariffs on countries that trade with Iran and military action against Iran due to the regime's brutal crackdown on protests. This has raised concerns that the country's oil production will be further hampered. Iran is a major oil producer. Due to European and American sanctions, the country has increased its oil sales to China, which is now the main destination for Iranian oil. China is threatening retaliation if the US imposes 25% import tariffs. This could hamper oil exports, driving up prices.
ExxonMobil finds Venezuela unsuitable for investment
Meanwhile, the price increase is being tempered by expectations of increased oil production in Venezuela. Trump wants $100 billion invested in the Venezuelan oil industry, but so far, US oil companies have been reluctant. So far, only ExxonMobil has spoken out publicly. In a statement The oil giant writes what ExxonMobil CEO Darren Woods told President Trump during a meeting at the White House: "Our assets have already been seized there twice, so you can imagine that a third attempt to regain a foothold would require some pretty significant changes. If we look at the current legal and commercial structures in Venezuela, the country is currently unsuitable for investment." The company is willing to send a team "on invitation from the Venezuelan government and with the necessary security guarantees. Trump then threatened to sideline ExxonMobil from Venezuelan oil trading.
Chevron, through a joint venture with the state-owned oil company PdVSA, is the only American oil company still active in Venezuela. Several companies from other countries are also represented. The BBC reports that Trump said during the meeting that the US would decide which companies would be allowed to remain.
Diesel
Diesel costs €130,57 per 100 liters from 4.000 liters (LTO member price). On January 6, this was €129,69 per 100 liters.
Electricity price
The daily average on the European Power Exchange (Epex Spot) fluctuated last week between €82,81 per MWh (9 January) and €149,82 (8 January).
Power plants consume more gas, industry less
At €31,00 per MWh on the TTF gas futures market on January 13, the gas price is more than 10% more expensive than a week earlier (€28,07 on January 6).
In 2025, Gasunie transported 63,4 billion cubic meters of natural gas (worth over €25 billion), 6,2% more gas than the previous year. According to Gasunie, the increase is due to increased gas storage, increased gas consumption by power plants, and increased gas exports to Germany. Gas consumption by power plants increased by over 17%. This compensated for fluctuations in solar and wind energy production, according to Gasunie. Industrial demand for gas, on the other hand, fell by 9%. Total Dutch gas consumption remained stable (-0,3%).
Temperatures will be higher throughout the coming week than last week and well above freezing, meaning the demand for gas for heating will also be significantly lower, according to the National Energy Dashboard's energy forecast.