Rio Tinto And Glencore In Talks To Form World’s Largest Mining Company With $200 Billion Valuation
Are we on the cusp of an M&A boom in metals and commodities, with prices continuing to soar? Or are deals just easier to get through under a new administration?
Regardless, Rio Tinto and Glencore have reopened merger talks that could create the world’s largest mining company, with a combined valuation exceeding $200 billion — more than a year after earlier negotiations collapsed, according to Yahoo.
The companies confirmed Thursday that they are discussing various deal structures, including an all-share takeover covering part or all of Glencore’s business. The market reacted swiftly: Glencore shares jumped about 10% in London, while Rio slipped more than 2%.
If completed, the transaction would eclipse any previous mining merger and create a giant capable of rivaling BHP. Copper is the central prize. With prices recently surging above $13,000 a ton amid supply disruptions and tariff fears, mining executives increasingly see copper as the industry’s most strategic asset. “It makes a lot of sense,” said Ben Cleary of Tribeca Investment Partners. “It’s the one big deliverable mining deal out there.”
Yahoo writes that for Rio, absorbing Glencore would sharply expand copper output and provide access to prized assets such as Chile’s Collahuasi mine. The move would also help reduce dependence on iron ore as China’s construction boom fades.
Although analysts have questioned whether Rio would accept Glencore’s large coal business, people familiar with the talks say Rio is now open to keeping it — at least initially — and could divest later. No final structure has been agreed.
The renewed talks follow major changes at both firms. Rio has a new chief executive, Simon Trott, who has emphasized cost discipline and simplification, while Glencore has highlighted plans to nearly double copper production over the next decade. In private, Glencore CEO Gary Nagle has described a tie-up with Rio as the most logical deal in the sector.
“This is Simon’s first test as CEO and I would expect his disciplined approach to be carried through to M&A,” said John Ayoub of Wilson Asset Management.
The discussions come amid a broader wave of consolidation after Anglo American’s deal for Teck Resources and earlier takeover interest from BHP. Under UK rules, Rio must decide by Feb. 5 whether to proceed or step back for six months.
Micro Greenland Lender Whipsaws As Trump Headlines Ignite Investor Frenzy
Shares of a Nuuk-based commercial bank, founded in 1967 to serve Greenland’s private and corporate customers, have surged sharply as investors speculate that President Trump’s “Donroe Doctrine” to secure the Western Hemisphere could ultimately involve acquiring Greenland.
The 42% rally in Bank of Greenland shares this year, which has since retraced roughly 20% of those gains, has been entirely headline-driven, linked to the Trump administration’s efforts to acquire the mineral-rich, strategically located territory in North America, rather than by fundamentals.
Per Hansen, an investment economist at Nordnet Bank AB, said investors were piling into Bank of Greenland shares on the OMX Copenhagen Mid Cap Index, whose market capitalization stands at around 1.91 billion kroner ($298 million).
“Greenland could see massive investment,” Hansen said. “I do not know, and investors do not know, what will happen, but it might happen. More investment means more business buzz.”
In other words, investors are buying Bank of Greenland shares first and asking questions later.
Overnight, Reuters reported that the Trump administration has considered sending lump-sum payments of up to $100,000 to Greenlanders in exchange for a vote to secede from Denmark and join the United States.
Trump has cited several reasons for acquiring Greenland, including its mineral wealth for military applications and the need for the Western Hemisphere to fall under Washington’s geopolitical influence.
Hmm.
The simple diplomatic solution is Barron Trump marries Princess Isabella of Denmark and Greenland is given to America as dowry payment pic.twitter.com/fhs3b6IDZG
The Bank of Greenland stock frenzy also follows recent U.S. regime-change operations in Venezuela that removed socialist leader Nicolás Maduro roughly a week ago, reinforcing perceptions of a more interventionist U.S. posture in the Western Hemisphere aimed at pushing China and Russia out of the region and dismantling socialist and Marxist regimes seen as plundering the wealth of nations.
Iran’s Food Shelves Emptying Out, ATMs Offline, Two Days Into Iran’s Internet Blackout
Update(1335ET): Iran is two days into a total internet blackout, which has not only impacted news footage from the ground getting out of the country, but the ability of ATMs to function (already there is a full Wikipedia page). Rumors have begun that people are trying to access their bank savings (despite the collapsing currency crisis) at shuttered locations, but one clear trend is that supermarket shelves are being emptied, amid unpredictable circumstances as protests spread, some locales witnessing fires, vandalism, and severe violence. BBC’s live blog coverage highlights the following trends, amid an information fog and the Ayatollah blaming a US and Israeli hidden hand:
The cutting off of the internet in Iran has led to a near-total blackout of news about the unrest sweeping across the country.
Only a few videos have been posted today from Zahedan in the east of the country, showing protesters facing off against security forces, with the sound of gunfire in the background. Another from Mashhad, the second biggest city in Iran shows a burnt out government building.
One person who has been able to send a message to the BBC says he is in Shiraz, in southern Iran, where he reports a run on supermarkets by residents trying to stock up on food and other essentials, expecting worse days to come.
The shutdown of the internet has meant that ATMs are not working, and there is no way to access cash to pay for purchases in shops where debit cards cannot be used due to the lack of internet.
Cigs are apparently still in good supply…
* * *
Iran’s supreme leader has just taken to X where he for the first time explicitly called out the United States for instigating ongoing unrest in the Islamic Republic, where raging economic protests have taken root in more that one hundred cities and towns – with in some instances rioters torching buildings and cars.
“Today like the past, the US is wrong in its calculations about Iran,” Ayatollah Ali Khamenei wrote. Importantly he added context to this assertion in a Friday speech – his first since protests began in a Tehran market 13 days ago – that authorities will “not back down” as Tehran officials have charged that the unrest has a foreign hand behind it.
The Ayatollah denounced the protesters as “vandals” and “saboteurs” and called out their alleged foreign agendas, amid increased images of city sectors burning, ongoing clashes with police, and reports of some limited exchanges of gunfire.
Protesters are now “ruining their own streets to make the president of another country happy… because he said he would come to their aid” – in reference to President Trump, after the US leader has warned at least twice that there could be American military intervention if Iran starts killing protesters.
Trump also claimed in a FOX interview, but without citing specific intel or any evidence that the Ayatollah is “looking to go somewhere. It’s getting very bad.” The claim is based on anonymously sourced reports that he could flee to Moscow if things got bad enough.
The US President has said that if the Iranian govt. does such-and-such, I’ll take the side of the rioters. The rioters have put their hopes in him. If he’s so capable, he should manage his own country.
However, given the nature of Iran’s brand of Shia revolutionary Islam, it remains highly unlikely that the country’s Supreme Leader and top Shia cleric would simply or hastily just flee (perhaps would face ‘martyrdom’ first?) – especially during the opening phase of such unrest, given also the country has weathered similar ones over several years prior, including the so-called ‘anti-hijab protests’.
By some international accounts, these current protests have yet to reach the size of the 2022 large-scale demonstrations, but that could change at any moment at this rate.
Buildings have been set on fire and national flags ripped in half as huge crowds of anti-government protesters marched through Iran’s capital and cities across the country. The protests mark the largest wave of unrest in three years, fueled by deepening economic distress —… pic.twitter.com/zQi03D36Dt
Thursday saw an escalation as the internet was cut throughout almost the entirety of the country, as much more images emerged of largely peaceful demonstrations quickly turning violent in some areas:
There were violent clashes between anti-government protesters and security forces in several locations in Iran on Wednesday, as a wave of unrest sparked by the country’s economic crisis continued for an 11th day.
Iran’s semi-official Fars news agency, which is close to the Revolutionary Guards, said two policemen were shot and killed by armed individuals in the south-western town of Lordegan.
Videos posted on social media showed a tense stand-off between protesters and security forces, with the sound of gunfire in the background. In footage from several other areas, security forces appear to fire guns and tear gas towards crowds of protesters, some of whom are throwing stones.
Like with Syria of the last decade of the anti-Assad insurgency, information out of Iran can be hard to assess and interpret, given almost no international reporters or observers are on the ground. This means that professional activist networks and NGOs outside the country can dominate the narrative, cheerleading the spiraling crisis from afar.
🚨🇺🇸🇮🇷 U.S. INTELLIGENCE SAID IRAN PROTESTS WEREN’T STRONG ENOUGH TO THREATEN REGIME. NOW THEY’RE REASSESSING
U.S. intelligence assessed Iran protests lacked “sufficient energy” to challenge regime stability, officials told Axios.
To be expected, Israel is also cheering this on, and had even last week issued brazen statements – including that Mossad stands ‘with’ the protesters and is even helping them (a statement full of the usual ambiguity and psychological warfare). Former CIA Director Mike Pompeo has stated the same.
Below is an example of some of the worst and most simplistic propaganda which has no basis in any presentable evidence, and by ‘anon’ sources which don’t tend to have any understanding of the internal dynamics of the country and people:
BREAKING | Discussions have taken place inside Iran which would result in Supreme Leader Khamenei leaving Iran in exchange for keeping the Iranian regime in place (The Economist).
Parliament Speaker Mohammad Bagher Ghalibaf has reportedly attempted to secure visas via a…
According to one such ‘anti-Iran media’ source and agency, “The 42 documented fatalities include 29 protesters, eight security personnel and five children or adolescents, figures released on Thursday by the US-based rights group HRANA showed.”
Russian state media sources have alternately been highlighting the ample evidence of rioting and crowds attacking police, in some locales:
‘Down with Israel’ — chants in Iran’s city of Ilam at funeral ceremony of police officer killed by RIOTERS
The clear admission from even Western mainstream reports that some eight or at least several among the security forces have been killed seems a full-on admission that this is sliding into more than just economic protests by common people. Will Tehran be targeted by the external ‘powers that be’ for regime change next after Maduro? Will the protests be hijacked and fully driven by nefarious actors and enemy intel? …The next proxy war for the fate of the Persian heartland?
Trump Cancels 2nd Wave Of Strikes On ‘Cooperative’ Venezuela – Political Prisoners Freed
The post-Maduro Venezuelan government has begun releasing political prisoners as a gesture of ‘good will’ to the United States, signaling that the new Delcy Rodriguez government is ready to play nice with Trump. There are reasons to believe that this former Maduro number two (as his vice president) had cooperated with the CIA to hand the longtime Venezuelan president and socialist strongman over to invading American forces during last Friday night’s raid.
President Trump said early Friday that he had cancelled a “previously expected” second wave of attacks on the Latin American country as Caracas is now cooperating with the US. It must be recalled that soon after the attack which ousted Maduro and brought him into US custody, Trump had warned, “We are ready to stage a second and much larger attack if we need to do so. He added: “We actually assumed that a second wave would be necessary, but now it’s probably not.” Presumably this meant cartel targets, but this brings up the question: where are all the ‘narco-terrorists’ and did they magically disappear now that Maduro was taken out?
In a Friday Truth Social post, the president emphasized the White House and new Caracas authorities are “working well together, especially as it pertains to rebuilding, in a much bigger, better, and more modern form, their oil and gas infrastructure.”
“Because of this cooperation, I have cancelled the previously expected second Wave of Attacks, which looks like it will not be needed, however, all ships will stay in place for safety and security purposes,” he added.
Trump confirmed that the government is busy “releasing large numbers of political prisoners as a sign of ‘Seeking Peace,'” adding, “This is a very important and smart gesture.” Local news footage also appeared to verify this – a longtime demand of Washington and its allies in Europe.
AFP reports: Venezuela begins releasing a “large number” of political prisoners, including several foreigners, in an apparent concession to the United States after its ouster of ruler Nicolas Maduro
Venezuela begins releasing a “large number” of political prisoners, including several foreigners, in an apparent concession to the United States after its ouster of ruler Nicolas Madurohttps://t.co/EWfcPTLkzqpic.twitter.com/LZtPaZRgA1
The head of the country’s National Assembly, Jorge Rodríguez, announced the release of a “significant number” of political prisoners, which is being taken to mean by outside observers that this is most, if not all, political prisoners which the US has demanded the release of.
One prominent name among those reportedly freed is the following:
Rocío San Miguel, a vocal critic of Maduro and a defense expert, was the first prisoner confirmed to be freed. Her family told the New York Times that she was taken to the Spanish embassy in Caracas.
Arrested in 2024, she was accused of being involved in a plot to kill the then-president and faced charges of treason, conspiracy and terrorism. Her arrest shocked human rights activists and, because her whereabouts were unknown, was labelled as potential “enforced disappearance” by the UN Human Rights Office.
As for Trump’s claim that he has called off a ‘second strike’ – there’s as yet no real evidence that the Pentagon was actually preparing such a new offensive, but heavy US assets are certainly still in the region and in regional waters. Trump could be bluffing on this, and very likely is, in order to keep Caracas on edge and cooperative.
Ayatollah Breaks Silence: Blames US For Instigating “Vandals & Saboteurs” As Cities Burn
Iran’s supreme leader has just taken to X where he for the first time explicitly called out the United States for instigating ongoing unrest in the Islamic Republic, where raging economic protests have taken root in more that one hundred cities and towns – with in some instances rioters torching buildings and cars.
“Today like the past, the US is wrong in its calculations about Iran,” Ayatollah Ali Khamenei wrote. Importantly he added context to this assertion in a Friday speech – his first since protests began in a Tehran market 13 days ago – that authorities will “not back down” as Tehran officials have charged that the unrest has a foreign hand behind it.
The Ayatollah denounced the protesters as “vandals” and “saboteurs” and called out their alleged foreign agendas, amid increased images of city sectors burning, ongoing clashes with police, and reports of some limited exchanges of gunfire.
Protesters are now “ruining their own streets to make the president of another country happy… because he said he would come to their aid” – in reference to President Trump, after the US leader has warned at least twice that there could be American military intervention if Iran starts killing protesters.
Trump also claimed in a FOX interview, but without citing specific intel or any evidence that the Ayatollah is “looking to go somewhere. It’s getting very bad.” The claim is based on anonymously sourced reports that he could flee to Moscow if things got bad enough.
The US President has said that if the Iranian govt. does such-and-such, I’ll take the side of the rioters. The rioters have put their hopes in him. If he’s so capable, he should manage his own country.
However, given the nature of Iran’s brand of Shia revolutionary Islam, it remains highly unlikely that the country’s Supreme Leader and top Shia cleric would simply or hastily just flee (perhaps would face ‘martyrdom’ first?) – especially during the opening phase of such unrest, given also the country has weathered similar ones over several years prior, including the so-called ‘anti-hijab protests’.
By some international accounts, these current protests have yet to reach the size of the 2022 large-scale demonstrations, but that could change at any moment at this rate.
Buildings have been set on fire and national flags ripped in half as huge crowds of anti-government protesters marched through Iran’s capital and cities across the country. The protests mark the largest wave of unrest in three years, fueled by deepening economic distress —… pic.twitter.com/zQi03D36Dt
Thursday saw an escalation as the internet was cut throughout almost the entirety of the country, as much more images emerged of largely peaceful demonstrations quickly turning violent in some areas:
There were violent clashes between anti-government protesters and security forces in several locations in Iran on Wednesday, as a wave of unrest sparked by the country’s economic crisis continued for an 11th day.
Iran’s semi-official Fars news agency, which is close to the Revolutionary Guards, said two policemen were shot and killed by armed individuals in the south-western town of Lordegan.
Videos posted on social media showed a tense stand-off between protesters and security forces, with the sound of gunfire in the background. In footage from several other areas, security forces appear to fire guns and tear gas towards crowds of protesters, some of whom are throwing stones.
Like with Syria of the last decade of the anti-Assad insurgency, information out of Iran can be hard to assess and interpret, given almost no international reporters or observers are on the ground. This means that professional activist networks and NGOs outside the country can dominate the narrative, cheerleading the spiraling crisis from afar.
🚨🇺🇸🇮🇷 U.S. INTELLIGENCE SAID IRAN PROTESTS WEREN’T STRONG ENOUGH TO THREATEN REGIME. NOW THEY’RE REASSESSING
U.S. intelligence assessed Iran protests lacked “sufficient energy” to challenge regime stability, officials told Axios.
To be expected, Israel is also cheering this on, and had even last week issued brazen statements – including that Mossad stands ‘with’ the protesters and is even helping them (a statement full of the usual ambiguity and psychological warfare). Former CIA Director Mike Pompeo has stated the same.
Below is an example of some of the worst and most simplistic propaganda which has no basis in any presentable evidence, and by ‘anon’ sources which don’t tend to have any understanding of the internal dynamics of the country and people:
BREAKING | Discussions have taken place inside Iran which would result in Supreme Leader Khamenei leaving Iran in exchange for keeping the Iranian regime in place (The Economist).
Parliament Speaker Mohammad Bagher Ghalibaf has reportedly attempted to secure visas via a…
According to one such ‘anti-Iran media’ source and agency, “The 42 documented fatalities include 29 protesters, eight security personnel and five children or adolescents, figures released on Thursday by the US-based rights group HRANA showed.”
Russian state media sources have alternately been highlighting the ample evidence of rioting and crowds attacking police, in some locales:
‘Down with Israel’ — chants in Iran’s city of Ilam at funeral ceremony of police officer killed by RIOTERS
The clear admission from even Western mainstream reports that some eight or at least several among the security forces have been killed seems a full-on admission that this is sliding into more than just economic protests by common people. Will Tehran be targeted by the external ‘powers that be’ for regime change next after Maduro? Will the protests be hijacked and fully driven by nefarious actors and enemy intel? …The next proxy war for the fate of the Persian heartland?
GM Cuts EV Exposure After Policy Shift, Takes $6B Charge
Imagine all of the malinvestment that took place in autos, on EVs, thank to the government distorting markets and forcing EV adoption when genuine demand may not have been robust. Now, we’re seeing the consequences of returning to a freer market.
General Motors will record a $6 billion charge after scaling back several electric-vehicle projects, reflecting both weaker demand and the impact of new federal policies under President Donald Trump, according to Reuters.
Most of the charge — $4.2 billion in cash — stems from terminating contracts and compensating suppliers that had prepared for higher EV production. GM said the charge will appear as a special item in its fourth-quarter earnings. Additional costs are expected in 2026 but will be smaller than the current year’s EV-related charges.
Despite the pullback, the company said its U.S. lineup of about a dozen EVs remains intact: “We plan to continue to make these models available to consumers.”
GM’s announcement follows Ford’s much larger move in December, when it revealed a $19.5 billion writedown after canceling several EV programs. Ford CEO Jim Farley said at the time: “When the market really changed over the last couple of months, that was really the impetus for us to make the call.”
Automakers across the industry began retreating from aggressive EV expansion last summer after a sweeping Trump tax and spending package and the elimination on September 30 of the $7,500 federal EV tax credit, which triggered a sharp drop in sales. GM’s EV deliveries fell 43% in the fourth quarter, after customers had rushed purchases before the credit expired.
Reuters writes that while GM once pledged to phase out gasoline vehicles by 2035, analysts have since lowered long-term EV forecasts. GM CEO Mary Barra has said the company will adjust based on customer demand.
The company has already slowed EV operations: halting battery production at two joint-venture plants, cutting shifts at its Detroit EV factory, and repurposing a planned Michigan EV facility to build gas-powered pickups and the Cadillac Escalade. GM also disclosed a separate $1.1 billion charge tied to restructuring its China joint venture.
Some analysts question GM’s heavy focus on fully electric vehicles. CFRA analyst Garrett Nelson warned: “GM’s lack of hybrid exposure could partially reverse recent market share gains,” citing surging hybrid demand.
Industrywide, EV sales growth has slowed dramatically. Research firm Omdia reported U.S. EV sales rose just 1.2% in 2025, and Edmunds projects EVs will represent about 6% of U.S. vehicle sales in 2026, down from 7.4% last year.
UMich Confidence Rebounds In January Off Record Lows As Tariff Fears Abate
Having ended 2025 at the lowest Current Conditions Sentiment levels in, well, ever… expectations for preliminary January data were for a modest rebound… and it did (very modestly).
The preliminary January sentiment index climbed to 54 from 52.9 in December, according to the University of Michigan (better than the 53.5 expected).
The expectations index rose to a five-month high of 55. The survey reflected improvements in both the short- and long-term economic outlooks.
The current conditions gauge climbed to a three-month high after slipping to a record-low in December. Consumers’ perception of their current financial situation improved in January, while expectations declined.
Source: Bloomberg
Short-term inflation expectations were flat while longer-term rebounded modestly…
Source: Bloomberg
Democrats appear to be slowly but surely realizing all the Trump tariff fears projected up on them were just wrong. Republicans appear to be primed for deflation – but the gap remains huge (1% vs 5%)…
Source: Bloomberg
On a longer term basis, Democrats really abandoned their fears… Rather oddly, all of the political cohorts saw longer-term inflation expectations lower BUT overall inflation expectations rose on the month?
Source: Bloomberg
If Democrats are right, shit’s about to get real…
Source: Bloomberg
The always unbiased UMich commentary makes sure to balance the positives of an admission that tariffs fears tumbled with some subjective view of the economy (as sentiment improved)
“Although consumers’ worries about tariffs appear to be gradually receding, they remain guarded about the overall strength of business conditions and labor markets,’’ Joanne Hsu, director of the survey, said in a statement.
The Michigan survey showed consumer views on the labor market remain soft, with nearly two-thirds expecting unemployment to rise in the year ahead. Concerns about joblessness have been worse among higher-educated and higher-income Americans than for other consumers.
UMich also makes a point of noting that more than 90% of interviews for this release were collected prior to the capture of Maduro in Venezuela.
Happening Today: Trump Meeting With US Oil Execs From Exxon, Shell, Others, To Discuss Venezuela
President Trump is convening top oil executives at the White House on Friday as part of a push to steer U.S. companies toward investing in Venezuela’s struggling oil industry, CBS reported today.
Leaders from Chevron, Exxon, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy and Hilcorp are expected to attend, along with Secretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum. Wright has already held separate talks with several executives earlier in the week.
According to the White House, the discussions will center on “investment opportunities that will restore Venezuelan oil infrastructure.”
Trump has argued that Venezuela’s vast oil reserves could help revive its economy while also benefiting U.S. consumers and energy companies. In a recent interview, he said he wants companies to commit at least $100 billion to “rebuild the whole oil infrastructure” in the country.
The administration has tightened pressure on Venezuela through a new oil “quarantine,” including the seizure of another tanker Friday, the fifth such action in recent weeks. Rubio said the strategy gives the U.S. “tremendous leverage” and that Washington plans to sell up to 50 million barrels of sanctioned crude on the open market, with the proceeds under U.S. control.
Chevron remains the only major U.S. oil producer still operating in Venezuela after the industry was nationalized under Hugo Chávez, and it is unclear how quickly other firms would move in. Analysts caution that high costs, political uncertainty and Venezuela’s history of asset seizures could slow new investment. Venezuelan crude is also heavy and more difficult to refine, though some Gulf Coast refineries are equipped to handle it.
Recall, we wrote Energy Sec. Chris Wright will be in Miami for the Goldman Sachs Energy, Clean Tech & Utilities Conference, a major industry gathering that will bring together executives from Chevron, ConocoPhillips and other producers. Chevron remains the only global oil supermajor maintaining operations inside Venezuela.
Bloomberg writes that despite Venezuela holding the world’s largest proven crude reserves, experts estimate restoring its oil system would require approximately $10 billion in investment every year for the next decade.
Industry participants say interest in the country is real, but the recent removal of President Nicolás Maduro alone is not enough to unlock capital. Companies want clarity on whether a durable government will emerge, whether contracts and the rule of law will be respected, and whether US political support for their presence in Venezuela will extend beyond Trump’s term in office.
Earlier this week we wrote that President Donald Trump said the US may subsidize American oil companies to help rebuild Venezuela’s energy sector, arguing the plan would strengthen Venezuela’s recovery and protect US economic interests after the removal of Nicolás Maduro.
In an interview with NBC News on Monday, Trump said US firms could have expanded operations in the country “up and running” in less than 18 months — a timeline that sharply conflicts with expert estimates that reconstruction could take a decade and cost more than $100 billion.
“I think we can do it in less time than that, but it’ll be a lot of money,” Trump said. “A tremendous amount of money will have to be spent and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue.”
“World’s Criminals On Notice”: Trump’s Gunboat Diplomacy Seizes Another Tanker In Caribbean
Update (0930ET):
Homeland Security Secretary Kristi Noem confirmed that U.S. Coast Guard forces “executed a boarding and seizure” of the motor tanker Olina in international waters east of the Caribbean Sea.
Noem said Olina was part of a vast network of so-called “ghost fleet” tankers suspected of carrying embargoed oil. She stated that the ship had departed Venezuela and was attempting to evade U.S. forces.
She added that the operation was conducted in close coordination with the Department of Defense, the State Department, and the Department of Justice.
“The ghost fleets will not outrun justice. They will not hide under false claims of nationality. The Coast Guard will seize sanctioned oil tankers, enforce U.S. and international law, and eliminate these funding streams for illicit activity, including narco-terrorism,” Noem said.
The world’s criminals are on notice.
Early this morning, the @USCG executed a boarding and seizure of the Motor Tanker Olina in international waters east of the Caribbean Sea. As another “ghost fleet” tanker ship suspected of carrying embargoed oil, this vessel had departed… pic.twitter.com/vvS3u3nrvl
U.S. forces, under President Trump’s Western Hemisphere reposturing and gunboat diplomacy against Venezuela, have now seized five tankers. We expect these seizures to increase as efforts to dismantle this tanker network expand.
Trump has requested a 50% increase in the U.S. military budget to $1.5 trillion by 2027, suggesting that pushing China and Russia out of the Western Hemisphere and asserting control in what is called ‘Donroe Doctrine’ will come at high cost.
* * *
The foreign policy move to dismantle the so-called “dark fleet” of crude oil tankers moving Venezuela’s oil around the world, through President Trump’s gunboat diplomacy to secure the Western Hemisphere, was once again on full display on Friday morning.
The Wall Street Journal reported that the U.S. Coast Guard forces boarded a fifth oil tanker, Olina, as part of a widening blockade targeting sanctioned dark-fleet vessels.
Olina, previously sanctioned for transporting Russian oil, was last tracked near Venezuela.
— TankerTrackers.com, Inc. (@TankerTrackers) January 9, 2026
The seizure of Olina is likely to further ignite tensions between Washington and Moscow, days after the US seized Marinera (formerly Bella 1) in the North Atlantic. Russia previously told the US not to seize Bella 1, which was shadowed by Russian Navy assets.
The Trump administration is using these seizures to dismantle Venezuela’s dark fleet of about 1,000 tankers that evade sanctions – a network that carries about 70% of the country’s oil exports, much of which ends up in Asia.
Marco Rubio said earlier this week that the blockade provides maximum leverage over Caracas, while also warning Russia, China, and Iran against backing Venezuela. This gunboat diplomacy is supported by the U.S. Navy, including the USS Gerald R. Ford, and backed by Justice Department resources, signaling that more tanker seizures are just ahead.
The initial plan is to offtake over 2000 MW of power from nuclear power plants owned by Vistra energy in Ohio, assist with fast tracking two reactors from TerraPower, and send a pre-payment to Oklo for securing nuclear fuel and advancing the first stage of a project in Ohio.
Shares of VST and OKLO spiked about 10% and 20%, respectively, in the premarket.
As we’ve noted repeatedly over the past year, there never seems to be enough power for data centers, which is why today’s agreement is likely just the first step of many such deals. This latest plan unveils a roadmap for upwards of 6.6 GW of power, enough to power about 5 million American homes.
Impressively claiming that multiple gigawatts of nuclear energy isn’t enough, the 20-year power purchase agreement with Vistra will be used to finance over 400 MW of power up rates at existing nuclear plants in Ohio in Pennsylvania.
While keeping to the nuclear theme but executing a heavy shift from time-tested light water reactors to comparatively untested liquid sodium reactors, Meta has also signed deals for additional expansion plans with Oklo and TerraPower after the initial phase described above.
Bill Gates’ TerraPower will provide up to six additional reactor plants, which hold power peeking abilities of about 500 MW each, for Meta’s data centers. Oklo will also commence the development of their newly announced nuclear energy campus in Ohio with a goal of 1200 MW of sodium cooled reactor power production.
There seems to be an interesting split in the preference of technology between hyperscalers and the US government. The Department of Energy recently dumped $400 million each for light water reactor developers GE Vernova and Holtec for their 300 MW designs, while hyperscalers seem to be preferring light water only when they are already built and operating. Outside of the existing plants, the tech giants like Google, Amazon, and Meta have signed major agreements with the more novel plant designers with reactors in the liquid sodium and molten salt categories.
Even taking in account the billions of dollars invested in advanced nuclear, only half the headaches are addressed by conquering the engineering headaches of designing and constructing these novel plants. Consistent operations with high uptime could take years to master, as evidenced by how many decades it took the large light water reactor fleet to reach their golden 90%+capacity factor.
