<\/p>\n\n\n\n
Oil prices declined on Wednesday after U.S. President Donald Trump said Washington had reached an agreement to import around $2 billion worth of Venezuelan crude<\/strong>, a move expected to increase supply to the world\u2019s largest oil-consuming economy.<\/p>\n\n\n\n By 05:50 GMT, Brent crude futures<\/strong> were down 1.3% at $59.89 per barrel<\/strong>, while West Texas Intermediate (WTI)<\/strong> slipped 1.7% to $56.13 per barrel<\/strong>. Both benchmarks extended losses of more than $1 from the previous session, as traders continued to price in expectations of ample global supply in 2026<\/strong>.<\/p>\n\n\n\n Under the reported arrangement, some cargoes originally destined for China could be rerouted to the United States<\/strong>, with Venezuela potentially seeking to unload millions of barrels currently stored in tankers and facilities to avoid further escalation with Washington. The agreement follows a weekend operation in which U.S. forces captured Venezuelan President Nicol\u00e1s Maduro<\/strong>, after Trump warned the country to open its energy sector to U.S. firms or face deeper intervention.<\/p>\n\n\n\n Analysts said the deal is likely to reinforce downward pressure on prices in an already oversupplied market, with Venezuelan crude expected to deepen the imbalance.<\/p>\n\n\n\n According to Yang An of Haitong Futures<\/strong>, increased Venezuelan shipments to the U.S. will \u201cdisrupt the U.S. market first and further widen the global surplus.\u201d Analysts at Morgan Stanley<\/strong> estimate the oil market could see an excess of up to 3 million barrels per day in the first half of 2026<\/strong>, driven by weak demand growth and rising production from both OPEC and non-OPEC suppliers.<\/p>\n\n\n\n However, research firm BMI<\/strong>, a unit of Fitch Solutions, noted that a surge in low-cost Venezuelan output<\/strong> could discourage capacity expansions elsewhere, particularly in higher-cost production regions.<\/p>\n\n\n\n Venezuela\u2019s flagship Merey crude<\/strong> is currently being sold at roughly $22 per barrel below Brent<\/strong> for deliveries at the country\u2019s ports, underscoring the steep discount at which the oil is entering global markets.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices declined on Wednesday after U.S. President Donald Trump said Washington had reached an agreement to import around $2 billion worth of Venezuelan crude, a move expected to increase supply to the world\u2019s largest oil-consuming economy. By 05:50 GMT, Brent crude futures were down 1.3% at $59.89 per barrel, while West Texas Intermediate (WTI) …<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-122357","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/122357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=122357"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/122357\/revisions"}],"predecessor-version":[{"id":122358,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/122357\/revisions\/122358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=122357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=122357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=122357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}