On January 6, global oil prices declined. Reuters reported that the drop was driven by expectations that oil production in Venezuela could increase: Brent futures fell 0.2% to $61.62 per barrel, while U.S. WTI crude slipped 0.3% to $58.15. This was reported by kursiv.uz. reports .
Analysts say market pressure could intensify amid reports that Venezuelan President Nicolás Maduro has been detained. According to Reuters, the administration of U.S. President Donald Trump plans to meet with representatives of American oil companies this week to discuss the possibility of boosting oil production in Venezuela.
Market participants interviewed by Reuters had already predicted in December that oil quotes in 2026 would remain under pressure due to rising supply and weak demand.
Venezuela is one of OPEC’s founding members and holds the world’s largest oil reserves—about 303 billion barrels. However, due to a lack of investment and sanctions restrictions, the country’s oil sector has remained in decline for years. Last year, average output was about 1.1 million barrels per day.
Experts note that if political stability is ensured and investment inflows strengthen, Venezuela’s oil production could increase by another 500,000 barrels per day over the next two years.
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