China’s top diplomat kicks off a New Year trip to Africa on Wednesday, the foreign ministry said, seeking to boost trade on a four-country circuit that includes several recent political hotspots.

Foreign Minister Wang Yi’s tour of the continent’s east and south will take him to Ethiopia, Somalia, Tanzania and Lesotho, concluding on Monday, the ministry said in a statement.

The visits are in keeping with the Chinese diplomatic convention of recent decades, whereby the foreign minister’s first overseas trip of the year is to Africa.

The current tour “aims to deepen political mutual trust with all parties… (and) strengthen exchanges and mutual learning”, foreign ministry spokeswoman Mao Ning said Wednesday at a regular news conference.

China is Africa’s top business partner, with trade reaching $296 billion in 2024, according to Chinese state media.

Beijing has sent hundreds of thousands of workers and engineers to the continent and gained strategic access to its vast mineral riches, including copper, gold and lithium.

U.S. President Donald Trump announced on Tuesday that interim authorities in Venezuela will turn over between 30 and 50 million barrels of high-quality sanctioned oil to the United States, following the recent U.S. military operation that removed Venezuelan leader Nicolás Maduro from power.

In a post on Truth Social, Trump stated: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 Million Barrels of High Quality, Sanctioned Oil, to the United States of America.

This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!

“The president added that he has directed Energy Secretary Chris Wright to execute the plan immediately, with the oil to be transported via storage ships directly to U.S. unloading docks.

The announcement comes amid ongoing developments in Venezuela, where the oil—previously held in storage due to U.S. sanctions—is estimated to be worth up to $2.8 billion at current market prices around $56 per barrel.

Analysts note that this volume represents a modest addition to global supply but could divert exports previously destined for China.U.S. crude futures dipped slightly following the news, closing lower by about 1.3%. Major U.S. oil companies, including Chevron, ExxonMobil, and ConocoPhillips, are reportedly monitoring the situation, with meetings planned between industry representatives and the administration to discuss future investments in Venezuela’s vast oil reserves.

The deal marks a significant step in Trump’s stated goal of revitalizing Venezuela’s oil sector, which holds the world’s largest proven reserves but has seen production decline sharply in recent years due to sanctions, underinvestment, and mismanagement.

Deposed Venezuelan president Nicolas Maduro pleaded not guilty to charges of narco-terrorism in a New York court on Monday, two days after being snatched by US forces in a stunning raid on his home in Caracas.

Maduro, 63, told a federal judge in Manhattan that he had been “kidnapped” from Venezuela and said, “I’m innocent, I’m not guilty; I’m still the president of my country.”

Maduro’s wife Cilia Flores likewise pleaded not guilty.

The pair were snatched by US commandos in the early hours of Saturday in an assault backed by warplanes and a heavy naval deployment.

(AFP)