Oil prices remain broadly stable near the $60 per barrel mark, a level supported by expectations that global supply will exceed demand in 2026, according to projections from the International Energy Agency. This outlook has helped keep price volatility contained despite ongoing geopolitical noise.

Venezuela’s role in the global energy market has diminished significantly, now representing less than 1% of worldwide oil supply. As a result, developments tied to the country’s internal challenges have had only a limited effect on broader pricing dynamics.

Production figures highlight the scale of the decline. Venezuela is currently producing an estimated 800,000 to 1.1 million barrels per day, a sharp contrast to the more than 3 million barrels per day it once supplied at its peak, underscoring its reduced influence on global oil balances.