A barrel of West Texas Intermediate crude oil delivered on II costs $56.36 on the NYMEX in New York, down by 1.35%. Brent on ICE for III is valued at $60.12 per barrel – down by 0.96%.
Oil is being sold off in markets after Washington moved to increase control over Venezuela's oil industry.
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Recall that US President Donald Trump announced on Tuesday that the Venezuelan authorities will transfer 30-50 million barrels of “sanctioned crude oil” to the US. He also announced that it would be his responsibility to use the profits from the sale of the raw material.
Look: There is an agreement between the US and Venezuela on oil
“I am pleased to announce that the Venezuelan Interim Authority will transfer 30 to 50 million barrels of high-quality, sanctioned crude oil to the United States,” Trump wrote on Truth Social.
“This oil will be sold at the market price, and I, as president of the United States of America, will exercise control over this money to ensure it is used for the benefit of the people of Venezuela and the United States,” he added.
The American president announced that he had instructed the Minister of Energy to immediately implement this plan and transport oil by ship directly to US ports. However, the Venezuelan authorities have not yet commented on Donald Trump's words.
The number of 30 to 50 million barrels mentioned by Donald Trump may correspond to two months of production, and the market value of the raw material is approximately USD 1.8-3 billion.
The US also demands that the authorities in Caracas limit ties with China, Russia, Iran and Cuba, ABC reports, and such actions – according to analysts – would mean a complete political reorganization of the country.
Meanwhile, oil has been falling since the beginning of the new year after suffering the sharpest annual decline in prices in 2025 since 2020.
In addition to investors' concerns about a global oversupply of oil as a result of the increase in its supply, markets are also still reeling from the effects of the removal of Venezuelan leader Nicolas Maduro from power by American forces and are wondering what this may mean for oil exports and the domestic energy industry in Venezuela.
“Overall, the fundamental outlook for oil prices remains pessimistic, which suggests that there is potential for further declines in oil prices,” said Warren Patterson, head of commodity strategy at ING Groep NV.
Venezuela was once a powerhouse in oil production, but – as analysts point out – over the last 20 years, the extraction of the raw material has dropped sharply and now accounts for 1%. world supplies.
Morgan Stanley estimates that in Q1 the price of Brent crude oil will average $57.50. per barrel, in Q2 $55, and in Q3 $57.50. Previously, MS forecast the Brent price at USD 60 for these periods.
Brent crude oil lost 18% in 2025. Recently, the price of a barrel of Brent was below $55. in 2021
