Oil stocks experienced a broad decline. As of the time of writing, PetroChina (00857) fell 3.03% to HK$8.01; CNOOC (00883) dropped 2.91% to HK$20.68; and SINOPEC CORP (00386) decreased 1.06% to HK$4.65. The downturn followed a drop in international oil prices on Tuesday. The February delivery light crude oil futures contract on the New York Mercantile Exchange settled at $57.13 per barrel, down 2.04%; the March delivery Brent crude futures contract in London settled at $60.70 per barrel, down 1.72%. On January 6th, U.S. President Donald Trump stated that Venezuela would transfer 30 to 50 million barrels of "sanctioned, high-quality oil" to the United States, sparking market concerns over increased supply. Trump wrote on social media that the oil would be sold at market price, and the proceeds would be under his "personal supervision."