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Oil prices fell on Wednesday as markets reacted to comments by US President Donald Trump on a potential influx of Venezuelan crude into the United States. The statement raised expectations of increased oil supply and pressured global benchmark prices.
According to oil market data, Brent crude slipped below $60 per barrel, while US West Texas Intermediate also recorded losses. The decline followed reports that Venezuela could transfer between 30 million and 50 million barrels of crude oil, valued at about $2 billion, to the United States.
Trump Signals Increased Venezuelan Oil Supply
Trump said Venezuela’s interim authorities would provide large volumes of what he described as high quality crude oil at market prices. Reports indicated that the agreement would allow the United States to access oil previously stranded due to sanctions and maritime restrictions.
Market analysts noted that the potential deal could boost supplies of heavy crude to US Gulf Coast refineries. At the same time, it could reduce Venezuela’s unofficial oil shipments to Asia, particularly China.
Impact on Venezuelan Oil Exports
Venezuela’s state oil company PDVSA has struggled to ship crude to Asia in recent days. Shipping data showed that exports to the region stalled as the United States maintained its oil blockade around Venezuela.
China, Venezuela’s largest oil customer, has reportedly reduced its intake. Analysts linked the decline to shrinking price discounts between Brent crude and Venezuela’s flagship Merey blend. The narrower discount reduced the incentive for Asian buyers.
Chevron remains the only Western oil company authorised by the US Treasury to operate in Venezuela. The company currently ships Venezuelan crude to the US Gulf Coast under existing approvals.
Geopolitical Developments Add Pressure
The oil market continues to react to political changes in Venezuela. The country entered 2026 amid uncertainty following the detention of President Nicolas Maduro by US forces. After his removal, Venezuela’s Supreme Court announced that Vice President Delcy Rodríguez had assumed office as acting president.
Trump has since said the United States would gain broad access to Venezuela’s oil sector. He also claimed that the US would oversee future oil operations in the country.
Oil Prices and Market Outlook
As of Wednesday evening, Brent crude traded at $59.99 per barrel, while WTI fell to $56.10. Analysts warned that prices could decline further if additional Venezuelan crude reaches the market in the coming weeks.
Attribution
This report is based on verified information from oil market data, international media reports, and publicly available statements from United States officials.
