VENEZUELA : Brent crude futures slipped 0.2% to $61.62 per barrel by 0103 GMT, while U.S. West Texas Intermediate (WTI) fell 0.3% to $58.15 per barrel. The decline came as investors assessed the potential for higher Venezuelan oil output following heightened geopolitical developments involving the South American nation.

Markets reacted to expectations that U.S. sanctions on Venezuelan oil could be eased, paving the way for increased production. According to experts cited by Reuters, such a move would add more supply to an already well-stocked global market, putting downward pressure on prices.

The situation follows the capture of Venezuela’s president, Nicolás Maduro, which has renewed speculation around political change and energy policy shifts in the country. A source told Reuters that the administration of U.S. President Donald Trump is expected to hold talks with American oil executives this week to explore options to ramp up Venezuelan crude production.

In the previous session, oil benchmarks had closed more than 1% higher, supported by a temporary geopolitical risk premium linked to the U.S.–Venezuela crisis. However, analysts say that sentiment remains fragile.

Industry observers estimate that Venezuela’s crude output could rise by as much as 500,000 barrels per day over the next two years, provided political stability holds and U.S. investment returns to the country.