Oil declines as markets weigh US capture of Venezuela's Maduro

Oil prices fell toward about $60 a barrel as markets assessed the reported capture of Venezuelan President Nicolás Maduro by US forces and OPEC+ said it would pause planned supply hikes in the first quarter amid a global glut.

Oil fell as markets reacted to reports that US forces captured Venezuelan President Nicolás Maduro and to OPEC+'s decision to hold off planned supply increases. Brent traded near $60 a barrel and West Texas Intermediate was near $57. OPEC+ said it would pause supply hikes in the first quarter while it awaited clarity on Venezuelan output amid a broader surplus. US officials stated sanctions on Venezuela's oil sector remain in place and described any rebuilding of infrastructure and revival of output as likely to take a lengthy period. Key details: - The article reports the capture of President Nicolás Maduro by US forces and notes officials discussed potential effects on crude supply. - Brent was reported around $60.53 a barrel for March settlement and front-month WTI was reported near $57.11, both down modestly. - OPEC+ maintained plans to pause supply hikes in the first quarter as the group monitors market conditions and Venezuelan supply. - US statements said sanctions on Venezuela’s oil industry will stay in place while US companies would be involved in rebuilding and reviving output, a process described as lengthy. - Analysts and market sources cited a projected global surplus in 2026 and said Venezuelan crude typically trades at a discount and that reviving production would require investment and an orderly transition. Summary: The reported US capture of Venezuela's leader and ongoing policy positions have put downward pressure on oil prices against a backdrop of an anticipated global surplus. OPEC+'s pause means planned supply increases are held for now while markets await clearer information on Venezuelan output and wider market balances. Undetermined at this time.