Connect with us

Uncategorized

Oil Prices Likely to Move Higher on Venezuelan Turmoil, Ample Supply to Cap Gains

FILE PHOTO: The Guinea-flagged oil tanker MT Bandra, which is under sanctions, is partially seen alongside another vessel at El Palito terminal, near Puerto Cabello, Venezuela December 29, 2025. Photo: REUTERS/Juan Carlos Hernandez/File Photo

Oil prices are likely to move higher when benchmark futures resume trading later on Sunday on concern that supply may be disrupted after the United States snatched Venezuelan President Nicolas Maduro from Caracas at the weekend and President Donald Trump said Washington would take control of the oil-producing nation.

There is plentiful oil supply in global markets, meaning any further disruption to Venezuela’s exports would have little immediate impact on prices, analysts said.

The US strike on Venezuela to extract the country’s president inflicted no damage on the country’s oil production and refining industry, two sources with knowledge of operations at state oil company PDVSA said at the weekend.

Since Trump imposed a blockade of sanctioned oil tankers entering or leaving Venezuelan waters and seized two cargoes last month, exports have fallen and have been completely paralysed since January 1.

That has left millions of barrels stuck on loaded tankers in Venezuelan waters and led to millions more barrels going into Venezuelan oil storage.

The OPEC member’s exports fell to around 500,000 barrels per day in December, around half of what they were in November. Most of the December exports took place before the embargo. Since then, only exports from Chevron of around 100,000 bpd have continued to leave Venezuela. The global oil major has US authorization to produce and export from Venezuela despite sanctions.

The embargo prompted PDVSA to begin cutting oil output, three sources close to the decision said on Sunday, because Venezuela is running out of storage capacity for the oil that it cannot export. PDVSA has asked some of the joint ventures that are operating in the country to cut back production, the sources said. They would need to shut down oilfields or well clusters.

Trump said on Saturday that the oil embargo on Venezuelan exports remained in full effect. If the US government loosens the embargo and allows more Venezuelan crude exports to the US Gulf, there are refiners there that previously processed the country’s oil.

The weekend’s events were unlikely to materially alter global oil markets or the global economy given the US strikes avoided Venezuela’s oil infrastructure, said Neil Shearing, group chief economist at Capital Economics.

“In any case, any short-term disruption to Venezuelan output can easily be offset by increased production elsewhere. And any medium-term recovery in Venezuelan supply would be dwarfed by shifts among the major producers,” he said in a note.

Trump also threatened on Friday to intervene in a crackdown on protests in Iran, another OPEC producer, ratcheting up geopolitical tensions. Trump on Friday said “we are locked and loaded and ready to go,” without specifying what actions he was considering against Tehran, which has seen a week of unrest as protests over soaring inflation spread across the country.

“Prices may see modest upside on heightened geopolitical tensions and disruption risks linked to Venezuela and Iran, but ample global supply should continue to cap those risks for now,” said Ole Hansen, head of commodities research at Saxo Bank.

On Sunday, the Organization of the Petroleum Exporting Countries and their allies agreed to maintain steady oil output in the first quarter, OPEC+ said in a statement. Both Venezuela and Iran are members of OPEC. Several other members of OPEC+ are also embroiled in conflict and political crises.

The producer group has put increases in production on pause for the first quarter after raising output targets by around 2.9 million barrels per day from April to December 2025, equal to almost 3% of world oil demand.

Brent and US crude futures settled lower on Friday, the first day of trading of 2026, as investors weighed oversupply concerns against geopolitical risks. Both contracts closed 2025 with their biggest annual loss since 2020 marked by wars, higher tariffs, increased OPEC+ output and sanctions on Russia, Iran and Venezuela.

VENEZUELA

“The political transition in Venezuela adds another major layer of uncertainty, with elevated risks of civil unrest and near-term supply disruptions,” said Jorge Leon, head of geopolitical analysis at consultancy Rystad Energy and a former OPEC official.

“In an environment this fragile, OPEC+ is choosing caution, preserving flexibility rather than introducing new uncertainty into an already volatile market.”

Trump said on Saturday that the US would control the country until it could make an orderly transition, but an interim government led by vice president and oil minister Delcy Rodriguez remains in control of the country’s institutions, including state energy company PDVSA, with the blessing of Venezuela’s top court.

A top Venezuelan official said on Sunday that the country’s government would stay unified behind Maduro amid deep uncertainty about what is next for the Latin American country.

Trump said that American oil companies were prepared to reenter Venezuela and invest billions of dollars to restore production there.

Venezuela is unlikely to see any meaningful boost to crude output for years even if US oil majors do invest the billions of dollars in the country that Trump has promised, analysts said.

“We continue to caution market observers that it will be a long road back for the country, given its decades-long decline under the Chávez and Maduro regimes, as well as the fact that the US regime change track record is not one of unambiguous success,” Helima Croft, RBC Capital’s head of commodities research, said in a note.

Continue Reading

Uncategorized

Board of Peace Members Have Pledged More Than $5 billion for Gaza, Trump Says

A drone view shows the destruction in a residential neighborhood, after the withdrawal of the Israeli forces from the area, amid a ceasefire between Israel and Hamas in Gaza, in Gaza City, October 21, 2025. Photo: REUTERS/Dawoud Abu Alkas/File Photo

US President Donald Trump said Board of Peace member states will announce at an upcoming meeting on Thursday a pledge of more than $5 billion for reconstruction and humanitarian efforts in Gaza.

In a post on Truth Social on Sunday, Trump wrote that member states have also committed thousands of personnel toward a U.N.-authorized stabilization force and local police in the Palestinian enclave.

The US president said Thursday’s gathering, the first official meeting of the group, will take place at the Donald J. Trump Institute of Peace, which the State Department recently renamed after the president. Delegations from more than 20 countries, including heads of state, are expected to attend.

The board’s creation was endorsed by a United Nations Security Council resolution as part of the Trump administration’s plan to end the war between Israel and Palestinian Islamist group Hamas in Gaza.

Israel and Hamas agreed to the plan last year with a ceasefire officially taking effect in October, although both sides have accused each other repeatedly of violating the ceasefire. According to Gaza’s Health Ministry, more than 590 Palestinians have been killed by Israeli troops in the territory since the ceasefire began. Israel has said four of its soldiers have been killed by Palestinian militants in the same period.

While regional Middle East powers including Turkey, Egypt, Saudi Arabia, Qatar and Israel – as well as emerging nations such as Indonesia – have joined the board, global powers and traditional Western US allies have been more cautious.

Continue Reading

Uncategorized

Why a forgotten teacher’s grave became a Jewish pilgrimage site

Along Britton Road in Rochester, New York, a brick gatehouse sits across from ordinary homes. Beyond it lies Britton Road Cemetery, its grounds divided into family plots and sections claimed over time by Orthodox congregations and fraternal associations, past and present. Names like Anshe Polen, Beth Hakneses Hachodosh, B’nai Israel, and various Jewish fraternal organizations are found here.

On the east side of the cemetery, a modest gray headstone draws visitors who do not personally know the man buried there, who were never taught his name in school, and who claim no personal connection to his life. Some leave notes. Some light candles in a small metal box set nearby. Others whisper prayers and stand for a moment before going. They come because they believe holiness can be found here.

The grave belongs to Rabbi Yechiel Meir Burgeman, a Polish-born teacher who died in 1938. He did not lead a major congregation or leave behind an institution that bears his name. And yet, nearly a century after his death, people still visit.

Over time, Burgeman has come to be remembered as a tzaddik nistar, a hidden righteous person, whose holiness is known through their teaching and daily life rather than through any title or position. His grave has become a place of intercession. People come to pray for healing, for help in times of uncertainty, and for the hope of marriage. What endures here is not an individual’s biography so much as a practice: the belief that a life lived with integrity can continue to shape devotion, even after the body has been laid to rest.

In life, Burgeman was not known as a miracle worker or a public figure. He was a melamed, a teacher of children, living plainly among other Jewish immigrants in Rochester’s Jewish center in the early decades of the 20th century. At one point, he was dismissed from a teaching post for refusing to soften his instruction. He later opened his own cheder, or schoolroom. There was no congregation to inherit his name, no institution to archive his papers. When he died, he was buried in an ordinary way at Britton Road Cemetery, one grave among many.

What followed was not immediate.

Remembered in return

Rabbi Yechiel Meir Burgeman's grave is one among many at a Jewish cemetery in Rochester, New York.
Rabbi Yechiel Meir Burgeman’s grave is one among many at a Jewish cemetery in Rochester, New York. Photo by Austin Albanese

The meaning attached to Burgeman’s resting place accumulated slowly. Stories began to circulate. People spoke of his kindness, his discipline, his integrity. Over time, visitors came. The grave became a place not of answers, but of belief. For generations, this turning toward the dead has taken this same form. It is not worship. It is proximity. A way of standing near those believed to have lived rightly, and asking that their merit might still matter.

In Jewish tradition, prayer at a grave is a reflection on those believed to have lived with righteousness, asking that their merit accompany the living in moments of need. Psalms are traditionally recited. Words are often spoken quietly.

I have done something similar too. Years ago, before I converted to Judaism and before I had the means to travel, I sent a written prayer through a Chabad service that delivers letters to the grave of the Lubavitcher Rebbe in New York. Someone else carried it. I cannot say with absolute certainty what happened because of it. Only that the practice itself made space for hope that I was seen, and that a prayer was later answered in ways that shaped my life and deepened my understanding of Judaism.

Burgeman’s grave functions in a similar register, though without any institutional frame. People come not because his name is widely known, but because the story has endured. Over time, that story gathered details. The most persistent involves a dog said to have escorted Jewish children to Burgeman’s cheder so they would not be harassed along the way by other youths. The dog then stood watch until they were ready to return home. The versions differ. Some are reverent. Some are playful. Some verge on the miraculous. The story endures because it names something children needed: care, in a world that could be frightening.

In recent decades, Burgeman’s afterlife has taken on a digital form. His name surfaces in comment threads and genealogical forums, passed along by people who never met him and are not always sure how they are connected. Spellings are debated. Dates are corrected. A descendant appears. A former student’s grandchild adds a fragment. Someone asks whether this is the same man their grandmother spoke of. No single account settles the matter. Instead, memory gathers. What once traveled by word of mouth now moves through hyperlinks.

The internet allows fragments to remain visible. Burgeman’s story survives not because it was officially recorded, but because enough people cared to remember it. In this way, his legacy resembles the man himself: quiet, unadorned, sustained by actions rather than declaration.

Visitors leave letters at the grave of Rabbi Yechiel Meir Burgeman in Rochester, New York.
Visitors leave letters at the grave of Rabbi Yechiel Meir Burgeman in Rochester, New York. Photo by Austin Albanese

This story does not offer certainty. It is about remembering a life and asking if we might still learn from it and if, perhaps, it can bring us closer to faith. Burgeman left no grand monument. He left descendants. A grave. A life of Jewish values that continues to teach.

Burgeman did not seek recognition in life. After death, he became something else: a teacher still teaching, not through words, but through the way people continue to act on his memory. That is the lesson. Not any miracle. Not any legend. The quiet insistence that a life lived with integrity does not end when the casket is placed into the earth.

Some graves are instructions.

This one still asks something of us.

The post Why a forgotten teacher’s grave became a Jewish pilgrimage site appeared first on The Forward.

Continue Reading

Uncategorized

Turkey Sends Drilling Ship to Somalia in Major Push for Energy Independence

Turkish President Tayyip Erdogan speaks during a ceremony for the handover of new vehicles to the gendarmerie and police forces in Istanbul, Turkey, Nov. 28, 2025. Photo: REUTERS/Murad Sezer

i24 NewsTurkey has dispatched a drilling vessel to Somalia to begin offshore oil exploration, marking what officials describe as a historic step in Ankara’s drive to strengthen energy security and reduce reliance on imports.

Turkish Minister of Energy and Natural Resources Alparslan Bayraktar announced that the drilling ship Çagri Bey is set to sail from the port of Taşucu in southern Turkey, heading toward Somali territorial waters.

The vessel will pass through the Strait of Gibraltar and around the coast of southern Africa before reaching its destination, with drilling operations expected to begin in April or May.

Bayraktar described the mission as a “historic” milestone, saying it reflects Turkey’s long-term strategy to enhance national energy security and move closer to self-sufficiency.

The operation will be protected by the Turkish Naval Forces, which will deploy several naval units to secure both the vessel’s route and the drilling area in the Gulf of Aden and the Arabian Sea. The security arrangements fall under existing cooperation agreements between Ankara and Somalia.

The move aligns with a broader vision promoted by President Recep Tayyip Erdoğan, aimed at reducing Turkey’s dependence on foreign energy supplies, boosting domestic production, and shielding the economy from external pressures.

Bayraktar said Turkey is also working to double its natural gas output in the Black Sea this year, while continuing offshore exploration along its northern coastline. In parallel, Ankara is preparing to bring its first nuclear reactor online at the Akkuyu Nuclear Power Plant, which is expected to begin generating electricity soon and eventually supply about 10% of the country’s energy needs.

The current drilling effort is based on survey data collected last year and forms part of Ankara’s wider plan to expand its energy exploration activities both regionally and internationally.

Continue Reading

Copyright © 2017 - 2023 Jewish Post & News