Oil edges lower amid Venezuela political upheaval

Global crude oil prices edged lower as heightened uncertainty surrounded Venezuela following the overthrow of President Nicolás Maduro in a U.S.-backed regime change led by the Trump administration.

Markets weighed the potential for long-term supply growth against near-term risks of disruption in the oil-rich South American nation.

Brent crude futures went down by $0.33, or 0.54%, to $60.42 per barrel.

West Texas Intermediate (WTI) crude futures decreased by $0.35, or 0.61%, to $56.97 per barrel by [11:45 am] PST.

Speaking at a press conference from his Mar-a-Lago residence in Florida on Saturday, U.S. President Donald Trump stressed that expanding American involvement in Venezuela’s oil industry is a central objective of the political transition.

He said major U.S. oil companies are expected to invest billions of dollars to rehabilitate the country’s deteriorated energy infrastructure.

However, Trump confirmed that the U.S. embargo on Venezuelan oil exports remains in effect for now, according to CNBC.

Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC) and holds the world’s largest proven crude oil reserves, estimated at 303bn barrels around 17% of global reserves according to the U.S. Energy Information Administration.

Despite this vast resource base, the country’s oil output has collapsed over the past two decades.

Production peaked at about 3.5m barrels per day (bpd) in the late 1990s but has since fallen sharply to roughly 800,000 bpd, according to data from energy consultancy Kpler.

Currently, Chevron remains the only U.S. oil major operating in Venezuela, exporting approximately 140,000 bpd by the end of the fourth quarter of 2025, Kpler data shows.