Overview
- Brent slipped to about $61.6 and WTI to roughly $58.1 early Tuesday, giving back part of Monday’s near 2% gain.
- Reuters’ December poll pegs Brent at a $61.27 average in 2026 as supply exceeds demand, and OPEC+ kept output unchanged at a brief weekend meeting.
- The EIA reports implied global builds above 2.5 million barrels per day in late 2025, pushing prices to the lowest monthly average since early 2021.
- Venezuela produced around 1.1 million barrels per day last year, and analysts say output could add up to 500,000 barrels per day over the next 18–24 months if stability and investment materialize.
- The Trump administration plans talks with U.S. oil executives on boosting Venezuelan production, while Citi expects OPEC+ to cut if inventories rise to defend roughly $55–$60 Brent.